Oil turns higher as Mexico plans to slash exports

09/04/2024 Argaam

Oil turns higher as Mexico plans to slash exports

Oil drilling rigs

Oil prices rose today, April 9, as Middle East ceasefire hopes waned and Mexico announced a plan to cut oil exports to global markets.

 

Brent crude futures rose 0.31%, or $0.28, to $90.66 a barrel, at 1002 GMT.

 

Similarly, futures prices for US West Texas Intermediate (WTI) crude gained 0.28%, or $0.24, to $86.67 per barrel.

 

Mexico's Pemex announced a plan to cut crude oil exports by 330,000 barrels per day (bpd) as it aims to boost supplies to local refineries.

 

In April, Pemex lowered its oil exports by 436,000 pbd.

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