Saudi Arabia
| March 19, 2024, 5:16 a.m.
Crude Oil Futures Trade Lower Despite Tight Supply Outlook
Crude oil futures traded lower on Tuesday morning, despite a tight supply outlook from major oil producers such as Iraq, Saudi Arabia, and Russia. May Brent oil futures and May crude oil futures on WTI (West Texas Intermediate) both experienced slight declines. Russia is expected to increase its oil exports in March, according to a Reuters report. The recent drone attacks on Russian refineries by Ukraine have impacted fuel production in Russia, potentially leading to increased crude oil exports. Meanwhile, Iraq announced plans to cut crude oil production, and Saudi Arabia saw a decline in crude oil exports in January. Market sentiment is also influenced by the upcoming conclusion of the US Federal Reserve meeting, with expectations of unchanged interest rates. Additionally, other commodities such as natural gas, castorseed, and kapas futures showed mixed trading patterns on commodity exchanges.
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