ANKARA: Crude oil prices were down during Good Friday’s thin trading following Opec’s output curb decision on Thursday, reported Anadolu Agency.
International benchmark Brent crude was at $31.82 per barrel at 0640 GMT on Friday, down 3.1 per cent for the day after closing Thursday at $32.84 a barrel.
American benchmark West Texas Intermediate (WTI) was at $23.21 a barrel at the same time for a 7.5 per cent decline after ending the previous day at $25.09 per barrel.
Oil prices rallied Thursday after Opec and non-Opec oil producing countries convened via webinar with investors to agree substantial output cuts.
The group dubbed as Opec+ agreed early Friday to curb their total oil output by 10 million barrels per day (bpd) from May 1 until June 30 — much less than the market expectation of 15-20 million bpd.
While the glut of supply in the oil market is estimated to increase by around 15 million bpd in the second quarter of the year, the current Opec+ cut is not sufficient to avoid reaching full storage capacity unless countries outside Opec+ such as the United States, Canada, Brazil, and Norway also lower their individual outputs. – Bernama
