Reported 4 months ago
Oil prices fell as traders await the OPEC+ meeting for guidance on supply after US data revealed a significant decline in stockpiles. West Texas Intermediate crude dropped 1.7% to settle around $78 per barrel, while Brent crude futures fell 2.1% to settle below $82 as the spread weakened to a contango structure for the first time in months, signaling oversupply concerns. The market is balancing geopolitical tensions and production cuts, with OPEC+ expected to extend output reductions, bringing certainty to the market.
Source: YAHOO