Prices of the WTI trades on the back foot for the second day in a row and puts the key $80.00 mark per barrel to the test on Thursday.
WTI remains propped up by OPEC cut
So far, the barrel of the American benchmark for the sweet light crude oil remains on the defensive amidst some profit taking sentiment as well as renewed recession concerns.
However, the commodity remains well en route to close the third week with gains, this time bolstered by the decision by the OPEC to reduce the oil output and another larger-than-expected weekly drop in US crude oil supplies (as per the EIA’s report on Wednesday).
The firm performance of the commodity so far this week continues to echo on prices of RBOB gasoline futures, which trade in levels last seen back in late October 2022 past the $2.80 mark.
Later in the session, driller Baker Hughes will report on US oil rig count in the week to April 7 (592 prev.).
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