WASHINGTON (dpa-AFX) - Crude oil prices fell on Wednesday despite hopes the Organization of Petroleum Exporting Countries and allies, collectively known as OPEC+ will decide to extend production cuts into the third quarter.
Concerns about the outlook for interest rates, and the likely adverse impact the high borrowing costs will have on growth and energy demand, weighed on oil prices.
A firm dollar hurt as well.
West Texas Intermediate Crude oil futures for July ended down by $0.60 at $79.23 a barrel.
Brent crude futures were down $0.74 or 0.88% at $83.20 an ounce, a little while ago.
Oil prices moved higher earlier in the day amid heightened Middle East tensions and hopes that major oil producing nations will continue with their production cuts.
According to reports, Houthi rebels attacked a Greek carrier ship in the Red Sea. The reports said the Houthis fired five missiles at the ship 'Laax' (Laax), owned by a Greek company.
The ship reported that it was hit by three of them, according to the message of the U.S. command, published on the 'X' platform. However, the vessel was able to continue on its course and there are no reports of injured crew members.
OPEC+ is set to meet virtually this weekend to decide on whether to extend voluntary quota cuts slated to expire at month's end into the third quarter. The group is widely expected to extend productions cuts into the third quarter or even beyond.
However, it is feared that crude oil demand is unlikely to see a big rise the world's second largest economy.
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