The prospect of production cuts diminishing, with U.S. crude futures dropping more than 3% on Thursday, as Russian Deputy Prime Minister Novak stated that OPEC+ will not take further production cut measures. This is mainly because some countries have already voluntarily reduced their oil production a month ago, and there is optimism regarding the achievement of the U.S. debt ceiling agreement, which has kept oil prices from rising for the past three weeks.
Analysts believe that oil prices still have the potential to rise above $80 per barrel, as summer demand is expected to increase, and the ongoing production cuts in many countries should also have an impact. The OPEC alliance countries that are committed to production cuts strive to balance market prices for both oil-producing countries and consumers.
U.S. NYMEX-July light crude futures fell $2.51 to $71.38 per barrel; June heating oil fell $0.06 to $2.35 per gallon; June RBOB gasoline fell $0.05 to $2.67 per gallon; London ICE-July Brent crude futures fell $2.1 to $76.26 per barrel.
