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Editor in Chief Mohamed Wadie

Oil Prices Drop amid Mixed OPEC Supply Cuts


Tue 12 Mar 2024 | 11:38 PM
Taarek Refaat

Oil prices fell as broader markets were affected by signs of U.S. inflation, and OPEC data indicated that its latest supply cuts witnessed mixed implementation.

The price of West Texas Intermediate (WTI) reached below $78 in settlement. 

On the other hand, stock prices rebounded, ignoring that inflation numbers exceeded expectations. Brent futures prices fell below $82 per barrel. Aside from the US economic data, the OPEC monthly report stated that Iraq produced more crude than its quota for the second month.

The Federal Reserve is widely expected to keep interest rates at the same levels for the 5th meeting in a row when monetary policymakers meet starting March 19. 

Oil prices have risen this year, but they remain trapped between bullish and bearish factors that attract them. OPEC+ supply cuts were met with an increase in production from outside the group, while concerns about Chinese demand persisted. Later this week, the International Energy Agency will provide a quick overview of the market.

Oil prices:

The price of West Texas Intermediate crude for April delivery fell 0.5% to settle at $77.56 per barrel.

The May settlement price of Brent crude fell 0.4% to $81.92 per barrel.

Latest Oil Prices:

WTI  $77.56   -0.47%

BRENT  $82.35   +0.17%

MURBAN  $82.52   -0.31%

LOUISIANA LIGHT  $81.62  +0.07%

BONNY LIGHT  $85.58  +0.53%

MARS US  $78.07   -2.07%

OPEC BASKET $82.26 -0.99%

GASOLINE  $2.586   +0.23%

NATURAL GAS $1.714 -2.56%