Oil Prices Mixed in Choppy Trade, Rising US Production Weighs
Oil prices ended mixed on Thursday after a seesaw trading session, as investors weighed rising U.S. production against geopolitical uncertainties and comments from leading Gulf oil producers that an extension to OPEC-led supply cuts was likely.
The benchmark U.S. crude contract, West Texas Intermediate futures, settled down 17 cents for a fourth straight day of losses, to $50.27 a barrel. Brent futures posted modest gains, however, ending up 6 cents to $52.99 a barrel.
OPEC members Saudi Arabia and Kuwait signaled that the Organization of the Petroleum Exporting Countries and other producers, including Russia, would likely extend their oil output cut beyond June.
At a press conference in the United Arab Emirates, Saudi Energy Minister Khalid al-Falih said that “there is consensus building but it’s not done yet.”
Written by Julia Simon for Reuters.com