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The ongoing oil selloff is probably not happy news for OPEC+, which announced on Sunday that it would continue to cut supplies by 2 million barrels a day to firm up prices.
The Biden administration has bought back 59 million barrels after the 2022 sale at an average price of less than $76 a barrel, far lower than the $95 a barrel it sold oil in 2022.
Oil prices slid on Tuesday after President Donald Trump signed executive ... following the Russian invasion of Ukraine in 2022. ... the latest stock market news and events moving stock prices.
Speaking by video from the White House to the annual World Economic Forum in Davos, Switzerland on Thursday, Trump said the OPEC+ alliance of oil exporting countries shares responsibility for the nearly 3-year-old conflict in Ukraine because it has kept oil prices too high.
During the last full week of March WTI fell about 5 percent to end at $21.51, with Brent down 7.6 percent for the week to $24.93. [10] The price of Canadian heavy crude dipped below $5 per barrel. [11] In the first quarter, the percentage loss was the worst ever, 66.5 percent for WTI and 65.6 percent for Brent.
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
Oil has been on an upward trend since the start of the year, with WTI gaining nearly 8% while Brent has surged almost 7% amid colder-than-expected temperatures and falling stockpiles.
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