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Oil traded flat following significant declines

By Rana Gharib
27 Apr,2023
Oil traded flat following significant declines

Oil prices muted on Thursday as the earlier day's price decrease had neutralized the supporting influence of a surprise cut to OPEC output plans this month.

Brent crude ticked up by 0.23% to $77.87 per barrel while US WTI added 0.16% to $74.42.

Prices have traded flat after Russian Deputy Prime Minister Alexander Novak classified oil markets as balanced on Thursday.

Oil prices slumped over 4% on Wednesday as fears of a US economic collapse outweighed a larger-than-expected decline in US oil stocks.

Data released on Thursday revealed that economic growth in the United States slowed more than predicted in the first quarter, despite a drop in unemployment claims in the week ending April 22.

Markets will be looking for guidance from the first quarterly print of eurozone GDP growth, which is due on Friday. The data could have an impact on the European Central Bank's monetary policy decisions when it meets on May 4.

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