Oil prices rose today, but could not compensate for their decline of more than nine percent in the past three days, as concerns about demand among major consumers outweighed signs that the United States may stop raising interest rates.
Brent crude futures rose 50 cents, or 0.7%, to $72.83 a barrel, after declining more than nine percent and dropping earlier in the day to $71.28.
US West Texas Intermediate crude also rose 28 cents, or 0.4%, to $68.88. This crude fell almost 11% from Friday until closing yesterday, and it fell earlier today to $63.64, reaching its lowest level since December 2, 2021.
The OPEC + group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, began voluntary production cuts of about 1.16 million barrels per day since the beginning of this month. These cuts are expected to support the market as it moves through the summer peak demand period.
China’s demand concerns continue to overshadow the market, especially after a survey of the private sector today showed that factory activity fell unexpectedly in April due to weak domestic demand.
