An oil pump jack in Midland, Texas, US, on Thursday, March 2, 2023.
Photographer: Sergio Flores/Bloomberg via Getty ImagesOil prices rose in early trade on Friday following a decision by OPEC+ to keep its oil output policy unchanged, clawing back some losses from the previous trading session triggered by unsubstantiated ceasefire reports between Israel and Hamas.
Both contracts settled more than 2% lower on Thursday due to the unverified ceasefire reports between Israel and Hamas.
On Thursday, two OPEC+ sources said the group has kept its oil output policy unchanged, and will decide in March whether or not to extend the voluntary oil production cuts in place for the first quarter.
Lower interest rates would reduce consumer borrowing costs, which can boost economic growth and oil demand.
Persons:
Sergio Flores, Brent, Yemen's, Jerome Powell
Organizations:
Bloomberg, Getty, OPEC, U.S, West Texas, Hamas, of, Petroleum, ANZ Research, U.S . Federal
Locations:
Midland , Texas, Israel, Iran, Red, Russia, OPEC, U.S .