Reported about 10 hours ago
Oil prices have plunged after indications that the OPEC+ alliance, led by Saudi Arabia, may maintain elevated production levels, prompting concerns over a potential oversupply. West Texas Intermediate briefly fell below $59 a barrel, heading towards its largest monthly decline since November 2021. Analysts suggest that this shift signals a long-term strategy rather than a temporary adjustment, as the market braces for additional supply from both OPEC+ and non-cartel countries, complicating the outlook for global energy demand.
Source: YAHOO