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12/1/2020, 5:07 PM (Source: TeleTrader)
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Crude slides 2% after OPEC+ meeting delay

Prices of oil futures decreased over 2% on Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) unveiled that it will postpone its meeting with the allied countries' energy ministers to Thursday.

The OPEC+ meeting is supposed to revolve around the 2021 output policy that could extend production cuts amid the diminished fuel demand caused mostly by the coronavirus pandemic, and containment measures implemented to curb its spread.

Brent for January 2021 deliveries was 1.40% down, going for $47.24 per barrel at 11:56 am ET, while West Texas Intermediate (WTI) for settlements in the same month dropped 2.07% to sell for $44.36 per barrel a minute later.

Breaking the News / BU