Oil hovers just above level where OPEC+ announced cuts
BNN Bloomberg
Oil's slump slowed on Friday, hovering just above the level at which key producers in the OPEC+ alliance surprised traders with shock production cuts.
Brent fluctuated around US$81 a barrel with West Texas Intermediate almost US$4 lower than that. Prices were pressured by a stronger dollar, making commodities priced in the currency less attractive, as well as recent weak economic signals in the U.S. and Europe. Equities were mixed.
Oil has given up most of the gains that ensued after Saudi Arabia and other countries in the Organization of Petroleum Exporting Countries and its allies blindsided markets with a surprise pledge to cut production. First-month Brent settled at US$79.77 on March 31, before the reductions were announced and futures spiked higher.
