Pre. Settlement | N/A |
Settlement date | 2024-03-28 |
Open | 2.6929 |
Bid | 2.5010 |
Last price | 2.6847 |
Day's range | 2.6929 - 2.7749 |
Volume | |
Ask | 2.7673 |
J.P. Morgan strategist Natasha Kaneva thinks prices could rise above $4 in the next two months, because Russia is cutting its oil production more than expected. Russia said earlier this month that it will take nearly 500,000 barrels of oil production offline by June, leaving its daily production around nine million barrels a day. The announcement has helped lift international crude oil prices 3% this month, to $86 per barrel.
Russia has increased gasoline imports from neighbouring Belarus in March to tackle the risk of shortages in its domestic market because of unscheduled repairs at Russian refineries after drone attacks, four industry and trade sources said on Wednesday. Usually Russia is a net exporter of fuel and a supplier to international markets, but the disruption of Russian refining has forced oil companies to import. Already Russia banned gasoline exports from March 1 to try to secure enough fuel for its domestic market after repeated Ukrainian drone attacks on Russian refineries since the start of the year.
NEW YORK (Reuters) -Oil prices fell for the second consecutive session on Wednesday as the dollar strengthened and government data showed a surprise jump in U.S. crude and gasoline stocks. Brent crude futures for May shed 16 cents, or 0.2%, to settle at $86.09 a barrel while the more actively traded June contract was down 22 cents to $85.41. U.S. West Texas Intermediate (WTI) crude futures for May delivery dropped 27 cents, or 0.3%, to $81.35 a barrel.