|Day's range||67.59 - 69.32|
Half-truths or subtle threats, OPEC+ has combined both cunningly to keep crude prices up for the better half of the last two years. Crude markets snapped a three-day rally to tumble as much as 2% on Thursday on talk that oil longs were dismayed that OPEC+ might not announce a wider production cut after this week’s 15-month low in prices. “There is too much pessimism in the oil market right now,” said Ed Moya, analyst at online trading platform OANDA.
China has a history of under-promising and over-delivering on economic growth, a trend that means there is plenty of upside for oil prices.
Oil prices retreated Thursday, snapping a three-day rally, after a surprise rise in U.S. crude stockpiles and with the Federal Reserve highlighting global growth concerns. By 09:15 ET (13:15 GMT), U.S. crude futures traded 0.2% lower at $70.77 a barrel, while the Brent contract fell 0.2% to $76.57 a barrel. The Fed hiked interest rates as expected on Wednesday, but downgraded its GDP outlook for the year, expecting the U.S. economy to grow 0.4% this year, down from previous expectations of 0.5%.