The India News117:
oil prices experienced a decline following statements made
by Russian Deputy Prime Minister Alexander Novak, downplaying the likelihood of
further OPEC+ production cuts during the upcoming meeting. Novak stated,
"I don't think that there will be any new steps, because just a month ago
certain decisions were made regarding the voluntary reduction of oil production
by some countries..." These remarks were reported by a Russia-based
newspaper.
During this time, Brent crude futures saw a decrease of 41
cents, equivalent to a 0.5 percent drop, settling at $77.95 per barrel.
Additionally, US West Texas Intermediate crude (WTI) experienced a decline of
51 cents, accounting for a 0.7 percent decrease, reaching $73.83. In the
preceding session, oil prices had gained strength due to a warning issued by
Saudi Arabia's energy minister, cautioning short-sellers who bet on oil price
declines to be wary of potential consequences.
Concurrently, India's palm oil imports in May are
anticipated to reach their lowest level in 27 months. The premium value of palm
oil in comparison to other edible oils prompted buyers to cancel cargoes and
opt for alternatives such as soyoil and sunflower oil.
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