Oil prices continue to fall despite OPEC+ cuts
Oil prices continued to decline on Monday despite production cuts announced by OPEC and its allies.
The West Texas Intermediate contract for January fell $1.03, or 1.39%, to to settle at $73.04 a barrel, while the Brent
crude contract for February dropped 85 cents, or 1.08%, to settle at $78.03 a barrel.
Oil futures have declined 6% since Wednesday's close.
Several OPEC members and allied nations such as Russia, called OPEC+, announced last Thursday voluntary supply cuts of 2.2 million barrels per day for the first quarter of 2024.
But traders are skeptical that the group will actually deliver on the promised reductions, sending oil prices lower.
Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg Monday that the curbs could continue beyond the first quarter of 2024. Prince Abdulaziz said he is confident that members will deliver on the announced reductions. $Occidental Petroleum(OXY.US$ $Imperial Petroleum(IMPP.US$ $Exxon Mobil(XOM.US$ $Crude Oil Futures(JUN4)(CLmain.US$
crude contract for February dropped 85 cents, or 1.08%, to settle at $78.03 a barrel.
Oil futures have declined 6% since Wednesday's close.
Several OPEC members and allied nations such as Russia, called OPEC+, announced last Thursday voluntary supply cuts of 2.2 million barrels per day for the first quarter of 2024.
But traders are skeptical that the group will actually deliver on the promised reductions, sending oil prices lower.
Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg Monday that the curbs could continue beyond the first quarter of 2024. Prince Abdulaziz said he is confident that members will deliver on the announced reductions. $Occidental Petroleum(OXY.US$ $Imperial Petroleum(IMPP.US$ $Exxon Mobil(XOM.US$ $Crude Oil Futures(JUN4)(CLmain.US$
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