Oil Futures Little Changed as Decline in US Inventories Offsets OPEC Dampener

Crude oil futures were little changed in early Asian trade Friday, having risen in the previous session after a decline in U.S. oil inventories offset a non-eventful OPEC meeting.

Benchmark front-month Western Texas Intermediate light, sweet crude oil futures on the New York Mercantile Exchange were last up 0.1 percent at $49.21 on Friday, after settling 0.3 percent or 16 cents higher at $49.17 a barrel on Thursday.

European Brent crude was last also up 0.1 percent at $50.11 a barrel after settling 0.6 percent or 32 cents higher at $50.04 a barrel on Thursday—its first settlement above $50 a barrel in seven months.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.