June 2, 2023

Oil prices closed today, Thursday, almost unchanged, but recorded gains for the third week in a row, as markets vacillated between further OPEC+ cuts and U.S. inventory cuts on the one hand, and worries about the outlook for the global economy in relation to another.

Brent crude rose 13 cents, or 0.2%, to $85.12 a barrel. US crude West Texas Intermediate rose 9 cents, or 0.1%, to $80.70. And tomorrow is a holiday on the occasion of Good Friday.

Those two benchmarks jumped more than six percent this week after OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, surprised the market on Sunday with promises to cut output.

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