12/4/2023, 10:00 AM (Source: TeleTrader)
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Oil down 1% with OPEC+ cuts in focus

Crude prices fell by over 1% on Monday as the markets faced uncertainty over the extent of the OPEC+ output cuts. While the organization said the cuts should amount to 2.2 million barrels per day until the end of March 2024, they are voluntary, and their implementation is under question. Meanwhile, manufacturing in China and the United States showed little improvement in activity over the last month, raising fresh doubts over oil demand.

The WTI for settlements in January lost 1.16% to go for $73.19 per barrel, and Brent for deliveries in February decreased by 1.20%, selling for $77.90 per barrel at 4:00 am ET.

Baha Breaking News (BBN) / DJ