Traders pushed oil lower as new doubts over production cuts emerge on Thursday. March West Texas Intermediate crude lost 56 cents to end trade at $31.72 a barrel on the New York Mercantile Exchange. Brent crude slipped 58 cents. The London ICE Futures Exchange April contract settled at $34.46 a barrel.
Even has Russia has signaled earlier this week that it was ready to talk production cut agreement with OPEC, Saudi Arabia has fallen silent on the matter. That throws doubts into the effectiveness of a production cut without OPEC’s largest producer on board.
The Energy Information Administration released its natural gas supply report on Thursday showing the U.S. supply dropped by 152 billion cubic feet last week. March natural gas fell 6.6 cents to end trade at $1.972 per million British thermal units on the New York Mercantile Exchange.
