Oil prices slip after OPEC+ agree to ease output cuts

By Channel NewsAsia12 days ago

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SINGAPORE: Oil prices edged down in early Asian trade on Monday (Apr 5) after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.

Brent crude futures for June fell 16 cents, or 0.2 per cent, to US$64.70 a barrel by 2351 GMT while US West Texas Intermediate crude for May was at US$61.32 a barrel, down 13 cents, or 0.2 per cent.

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Both contracts settled up more than US$2 a barrel after the OPEC+ decision and on optimism about energy demand after US President Joe Biden outlined a US$2 trillion infrastructure spending plan.

The Organization of the Petroleum Exporting Countries, Russia and their allies, a group known as OPEC+, agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July.

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