Oil futures slumped further on Thursday (October 4, 2023) as uncertainty over global demand countered the upside potential offered by an overnight Saudi-Russian announcement of extending their ongoing 1.3 million barrels per day (bpd) production cut until the end of the year.
At 12:39 BST, global proxy benchmark Brent was down $1.40 or 1.63% to $84.41 per barrel, while the West Texas Intermediate (WTI) was trading at $ 82.68 per barrel, $1.54 or 1.83% lower. Thursday’s declines follow a sharp slump overnight of over $5 per barrel in the case of Brent – the benchmark’s biggest intraday drop for over a year.
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