American Petroleum Institute
Crude Oil in Hands
| Feb. 7, 2024, 6:03 a.m.
Crude Oil Futures Rise Amid Steady US Production Expectations
Crude oil futures experienced an upward trend as the United States anticipates stable crude oil production throughout the year. Prices for April Brent oil futures and March crude oil futures on WTI (West Texas Intermediate) saw modest gains, reflecting market sentiments amidst forecasts of consistent output from the US. The Energy Information Administration (EIA) reported record high production levels in December, but disruptions due to inclement weather led to a temporary decline in January. However, production is expected to rebound close to previous highs in the coming months, influencing market dynamics.
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