Oil prices fluctuate due to slowing OPEC production
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Oil prices fluctuated on Tuesday, with OPEC retracting the pace of production increases expected last month, while China, the world's largest oil consumer, raised operating rates to meet the rising demand for diesel.
Brent crude futures rose 7 cents, or 0.08%, to $84.73 a barrel by 05:04 GMT, while US West Texas Intermediate crude futures were down 8 cents, or 0.10%, at $83.99 a barrel.
Crude prices are still preparing to head higher, with some traders waiting for confirmation after both EIA crude oil inventories showed that demand for most products is going in the right direction, while US production is stable with OPEC+ adhering to its gradual increase of 400 thousand barrels per day.
Oil surged to multi-year highs last week, buoyed by a recovery in demand after the pandemic, and the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, or OPEC+, stuck to monthly gradual increases in production of 400,000 barrels per day despite calls from major consumers for more. of oil.
Meanwhile, China's national oil companies boosted refinery operating rates, which increased their appetite for crude oil, to avoid diesel shortages in the world's second largest oil user.