After all the talk from other OPEC producers, the one that counts won’t commit to caps or cuts creating a mixed day for crude contracts. March West Texas Intermediate crude on the New York Mercantile Exchange added eleven cents to settle at $30.77 a barrel. On the London ICE Futures Exchange, April Brent crude slipped 22 cents to end trade at $34.28 a barrel.
Saudi Arabia’s Foreign Minister told Agence France-Presse that his country was not ready to cut production and wouldn’t be joining other producers who want to limit production. Several OPEC and non-OPEC producers have signaled a readiness to make moves to increase the price of oil.
The U.S. Energy Information Administration reported Thursday that crude inventories rose by 2.1 million barrels last week.
March natural gas futures lost nine cents on Thursday. The New York Mercantile Exchange contract settled at $1.852 per million British thermal units.
