Oil prices stayed flat Tuesday, but slipped in mid-morning trading today ahead of OPEC’s announcement on March output hikes. WTI was off 0.8% at $87.46/bbl and Brent was down 0.7% at $88.54/bbl, while U.S. natural gas surged 12.6% higher to $5.35/MMBtu.
The American Petroleum Institute reported a surprise crude draw of 1.645 million barrels this week after analysts expected a build of more than 1.8 million barrels.
The U.S. administration could raise the royalty rate drilling companies must pay on new oil and gas leases by 6% this quarter, according to a draft report.
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