Crude oil prices remain largely rangebound, as production cuts from OPEC (Organization of the Petroleum Exporting Countries) offset weak demand. Brent crude is down 0.1% to $76.59 a barrel while WTI is up 0.1% to $71.89 a barrel.
Brent on Wednesday had closed at its highest level in two weeks, but remains largely steady, even with surprise cuts from Russia and Saudi Arabia at the start of the week, according to Ole Hansen, analyst at Saxo Bank. “Overall, we believe prices are near a cycle low, but a few more challenging months cannot be ruled out, primarily because of worries that a robust pickup in demand, as forecast by OPEC and the IEA, will fail to materialize,” Hansen writes in a note.
