Oil inches up on Tuesday amid hopes for drop in US shale oil output
Crude oil prices settled on a mixed note on Monday with US West Texas Intermediate (WTI) crude futures on the New York Mercantile Exchange (NYMEX) posting a drop and Brent crude on ICE Futures Europe finishing the day higher. The global demand woes continued to offset the impact of the largest production cut ever by OPEC+.
After settling 0.8% higher on Monday, Brent crude futures rose 1.7% on Tuesday, while the US crude oil futures climbed 1.4% within the same trading session at the time of writing, following a 1.5% drop in Monday’s settlement.
According to a report published by the US Energy Information Administration (EIA), shale oil output of the US is expected to drop by 194,000 barrels/day (bpd) in April, marking the most on record.
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