SULAIMANI (ESTA) — Oil prices were mixed on Thursday with investors waiting to see how major producers respond to the emergency crude released by major consuming countries designed to cool the market.
Brent crude futures rose 15 cents to $82.40 a barrel at 0558 GMT, after losing 6 cents on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures fell 2 cents to $78.37 per barrel, extending an 11-cent loss on Wednesday.
“The release of oil from strategic reserves ramps up competition for control of the oil market amongst the world’s biggest producers,” Reuters quoted ANZ analysts as saying in a note.
“We don’t expect OPEC will stand by idly as the market enters a critical period.”
All eyes are now on the Organization of the Petroleum Exporting Countries, Russia and allies, together called OPEC+, who are due to meet next week to discuss oil demand and supply, according to Reuters.
