Oil prices settled lower Friday, reversing early gains of more than $1 a barrel as banking sector fears caused both benchmarks to reach their biggest weekly declines in months.
Pressure stemmed from "the continued fragile state of the market", said Ole Hansen, head of commodity strategy at Saxo Bank.OPEC+ members attributed
this week's price weakness to financial drivers rather than any supply and demand imbalance, adding that they expected the market to stabilise. WTI's fall this week to less than $70 a barrel for the first time since December 2021 could spur the U.S. government toAnd analysts expect China's demand recovery to add price support, with U.S. crude exports to China in March heading towards their highest in nearly two and a half years.
Saudi Arabia and Russia in a meeting on Thursday affirmed their commitment to OPEC+'s decision last October to cut production targets by two million barrels per day until the end of 2023.Reporting by Laura Sanicola in Washington and Rowena Edwards in London Additional reporting by Florence Tan and Trixie Yapin Singapore Editing by David Goodman and David GregorioReports on oil and energy, including refineries, markets and renewable fuels.
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