Oil Falls on Demand Fears and Doubts Over OPEC+ Cuts

opec logo - The Japan Weeknd Magazine
LONDON—Oil prices extended declines on Monday, pressured by investor scepticism over the latest OPEC+ decision on supply cuts and uncertainty surrounding global fuel demand, though the risk of supply disruptions from the Middle East conflict limited losses.
Monday’s fall adds to a 2 percent decline last week after the supply cuts announced on Thursday by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+.
Brent crude futures were down $1.10, or 1.4 percent, at $77.78 a barrel by 0921 GMT. U.S. West Texas Intermediate crude futures fell $1.09, or 1.5 percent, to $72.98.
“Crude seems to be under continued pressure from the OPEC+ decision,” said Vandana Hari, founder of oil market analysis provider Vanda Insights….

Share:

Related News