Oil prices drop on less likely prospect of production cut

Xinhua
26 May 2023, 06:18 GMT+10

NEW YORK, May 25 (Xinhua) -- Crude oil futures prices dived on Thursday as investors reap profits amid less likely prospect of further production cut by oil producing countries in early June.

The West Texas Intermediate (WTI) for July delivery shed 2.51 U.S. dollars, or 3.38 percent, to settle at 71.83 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery lost 2.10 U.S. dollars, or 2.68 percent, to settle at 76.26 U.S. dollars a barrel on the London ICE Futures Exchange.

Russian Deputy Prime Minister Alexander Novak played down the likelihood of more production cut by the Organization of the Petroleum Exporting Countries (OPEC) and its partners at their next meeting in early June, according to a report by Reuters on Thursday.

Earlier, Saudi Energy Minister Prince Abdulaziz bin Salman's warning to speculators in the oil market led to expectation of another production cut.

Oil prices saw consecutive gains in the previous three sessions.

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