West Texas Intermediary (WTI) dipped below $83.20 per barrel on Wednesday, pushed lower as markets eased off supply concerns and rising US Treasury yi
WTI Crude Oil prices have extended recent declines. US crude prices are set to close in the red for four of the last five trading days.
has reaffirmed lower production targets through 2024 to bolster crude costs. elds put downside pressure on risk assets. TheOrganization of the Petroleum Exporting Countries saw a meeting of itsJoint Ministerial Monitoring Committee , which reaffirmed 's crude production cuts through the end of 2024 in order to support crude oil prices. The JMMC has no outright decision-making powers, but rather makes recommendations that are then reviewed at following
ministerial meetings. Saudi Arabia and Russia both reaffirmed their current output reductions, with Saudi Arabia keeping their reduced crude output and Russia holding their exportation cap through the end of the year. Both countries are set for a "review" of their respective output reduction caps next month. Ongoing market concerns about a chronicundersupply of global crude oil demand are beginning to wane as crude oil reserves see relief on the horizon.
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