Reported 4 months ago
Crude oil prices have dropped to a four-month low as OPEC+ announced an extension of production cuts until 2025, leading to bearish sentiment among investors. The move includes the unwinding of voluntary cuts starting in October, causing concerns about oversupply in the market amid uncertainty in demand, despite being positive overall for oil prices this year. Weak manufacturing data and the possibility of cuts phasing out leading to a 13% drop from April's peak are contributing factors to the downward trend.
Source: YAHOO