Crude Oil Prices Fell as Tensions in the Middle East Partial

Crude oil prices fell by 1.07% due to reduced Middle East tensions. Azerbaijan’s oil output in March increased to 481,000 barrels per day, but still falls short of the nation’s 2024 OPEC+ quota. OPEC+ voluntary production reduction continues to tighten the market’s supply situation.

Mexico’s Pemex plans to cut oil exports by 330k barrels per day, which will impact purchasers in the US, Europe, and Asia. Investors are eagerly awaiting inflation data from China and the US, which is expected to shed light on the economic development of leading oil consumers worldwide. The European Central Bank’s interest rate announcement is also adding to market suspense..

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