Key Points
Global crude oil prices dropped on Thursday, April 4, as caution over global macroeconomic activity weighed against the supply output cuts as well as geopolitical conflicts..
Investors continue to look to macroeconomic data and monetary policy for potential clues on the outlook for oil demand, while financial sanctions on Iran by the US also capped gains in today's session..
Brent futures for June last fell by 43 cents, or 0.5 per cent, to $88.92 a barrel..
-Oil's recent gains have also followed Ukrainian attacks on Russian refineries that cut fuel supply, and concerns the Israel-Hamas war in Gaza may spread to include Iran and possibly disrupt supplies in the Middle East region..
-The joint ministerial monitoring committee meeting (JMMC) of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) kept oil supply policy unchanged on Wednesday and pressed some countries to boost compliance with output cuts..
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