Published: June 1, 2023 at 2:53 p.m. ET
Oil futures climbed on Thursday, with U.S. prices settling back above $70 a barrel for the first time in almost a week. Prices rebounded from Wednesday’s decline “with the outside risk that oil ministers at a meeting on Sunday “could surprise the markets with another production cut, given the recent weakness seen in prices,” said Michael Hewson, chief market analyst at CMC Markets UK. July West Texas Intermediate crude CLN23 rose $2.01, or 3%, to settle at $70.10 a barrel on the New York Mercantile Exchange. Prices settled at their highest since last Friday, just a day after marking their lowest front-month finish since…
Oil futures climbed on Thursday, with U.S. prices settling back above $70 a barrel for the first time in almost a week. Prices rebounded from Wednesday’s decline “with the outside risk that oil ministers at a meeting on Sunday “could surprise the markets with another production cut, given the recent weakness seen in prices,” said Michael Hewson, chief market analyst at CMC Markets UK. July West Texas Intermediate crude
CLN23
rose $2.01, or 3%, to settle at $70.10 a barrel on the New York Mercantile Exchange. Prices settled at their highest since last Friday, just a day after marking their lowest front-month finish since March 20.
Read More: U.S. oil futures end above $70 a barrel for the first time in nearly a week