West Texas Intermediate (WTI) prices plummet as geopolitical tensions fail to spark an oil price surge
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Volatility in the price action on Friday saw a swift upward move for West Texas Intermediate (WTI) prices, reaching an intraday high of $85.50 a barrel, only to plummet and post a weekly decline after Iran downplayed a reported Israeli attack. Meanwhile, OPEC+ members, led by Saudi Arabia and Russia, agreed last month to extend voluntary output cuts of 2.2 million barrels per day (bpd) until the end of June, which has helped keep oil prices elevated.
West Texas Intermediate (WTI) prices plummet as geopolitical tensions fail to spark an oil price surge
West Texas Intermediate (WTI) prices plummet…
West Texas Intermediate (WTI) prices plummet as geopolitical tensions fail to spark an oil price surge
Volatility in the price action on Friday saw a swift upward move for West Texas Intermediate (WTI) prices, reaching an intraday high of $85.50 a barrel, only to plummet and post a weekly decline after Iran downplayed a reported Israeli attack. Meanwhile, OPEC+ members, led by Saudi Arabia and Russia, agreed last month to extend voluntary output cuts of 2.2 million barrels per day (bpd) until the end of June, which has helped keep oil prices elevated.