CLmain Crude Oil Futures(JAN4)Watchlist
Oil Holds Five-Day Slide as Global Outlook Darkens Despite OPEC+
Oil held a five-day run of losses that drove prices to the lowest level since June on signs that global supplies are eclipsing demand despite plans by OPEC+ to rein in its production into 2024.
Oversupply is expected to ferment! WTI crude oil fell below the $70 mark and hit its lowest price since June
The price of WTI crude oil futures, the benchmark for North American crude oil prices, fell more than 4% on Wednesday, falling below the $70 mark per barrel, closing at the lowest level since the end of June. At the same time, US gasoline retail prices hit their lowest point since January before the Christmas holiday shopping season and tourist season.
Express News | US Crude Oil Futures Closed Below $70, Lowest Since June
2023: 9.7 (YTD)
Currently Saudi producing 8.9 million barrels: per day!
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Brent crude futures fell 5 cents, or 0.06%, to $77.15 a barrel by 0900 GMT. U.S. WTI crude futures fell by 16 cents, or 0.22%, to $72.16 a barrel.
The Organization of the Petroleum Exporting Countries and allies such as Russia (OPEC+) agreed on voluntary output cuts of...
Oil prices settled lower Tue, as a stronger dollar and fears about supply outstripping demand remain front and centre, offsetting a potential supply risk from ongoing tensions in the Middle East.
The Brent contract settled 1.1% lower at USD77.20,while WTI crude futures felled 1% to USD72.32.
Fears of a potential escalation in the Israel-Hamas conflict came back into play after the U.S. held Iran respons...