Oil prices have remained steady this week, with weak Chinese data causing concerns over demand growth despite Saudi Arabia‘s commitment to output cuts. The price for Brent crude futures rose by 28 cents to reach $76.24 a barrel, while US West Texas Intermediate crude increased by 15 cents to reach $71.44 a barrel. Despite early optimism around Saudi Arabia‘s agreement to cut output over the weekend, a rise in US fuel stocks and weak Chinese export data caused prices to plateau. Experts predict that the future of oil prices is likely to be influenced by the US Federal Reserve‘s decision over whether to increase interest rates.
Oil Demand Concerns Outweigh Supply Cuts, Keeping Prices Unchanged This Week
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