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Oil prices close mixed as traders digest recent plunge

NEW YORK
2023-05-05 05:46

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NEW YORK, May 4 (Xinhua) -- Crude oil futures prices saw mixed performance on Thursday as market players digested price plunge in recent sessions.

The West Texas Intermediate (WTI) for June delivery declined 4 cents, or 0.06 percent, to settle at 68.56 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery gained 17 cents, or 0.24 percent, to settle at 72.50 U.S. dollars a barrel on the London ICE Futures Exchange.

Statistics showed that the WTI futures for June delivery shortly hit the lowest level in more than a year's time on Thursday followed by significant rebound.

The European Central Bank slowed down rate hike by raising benchmark interest rate by 25 basis points on Thursday, which offered some support to oil prices.

Still, economic headwinds and uncertainties around the U.S. banking sector and debt ceiling negotiations continue to weigh on risk assets.

Crude prices remain heavy on weakening demand from Asia and as U.S. banking turmoil will eventually cripple the world's largest economy, said Edward Moya, senior market analyst at OANDA, a supplier of online multi-asset trading services.

The U.S. banking crisis might make the oil market start pricing a much worse recession for the United States, which is bad news for the crude demand outlook, added Moya.

If equities continue to plunge here, oil might struggle finding support around mid-60 U.S. dollars per barrel, according to Moya.
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