Brent Futures lost nearly -4.00% Wednesday following a report by Bloomberg that Russian officials have ruled out the possibility of further cutting oil production. The country, along with OPEC, agreed in May to extend a pact to cap oil output until the first three months of 2018, further propping up prices.
In addition to the news about Russia, bears on energy futures were also vindicated by data from OPEC that showed oil exports climbing by 450,000 barrels to reach 25.92 million barrels per day in June. Brent futures rebounded Thursday to set near the $48.30 per barrel mark, although prices remain on a downward swing in the medium run. Strong support has formed at $47.50, with a slide below that line potentially pushing Brent as low as $46.00 a barrel.