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Oil near 4-mth low after OPEC+ supply plan, US stock build
Oil prices hovered near four-month lows in Asia on Wednesday as markets digested an OPEC+ decision to boost supply later this year and following an increase in U.S. crude and refined products stocks.
Brent crude futures were up 1 cent at $77.53 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude futures were down 2 cents at $73.23 a barrel.
Both contracts fell nearly a dollar on Tuesday to their lowest settlement levels since early February, and had declined around $3 a barrel on Monday.
Published at
2024-06-05 09:49:49Event JSON
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