Oil down 1% on bearish view of delayed OPEC+ meeting

hl.co.uk:

We don’t support this browser anymore.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Newsroom

Newsroom articles are published by leading news agencies. Hargreaves Lansdown is not responsible for an article's content and its accuracy. We may not share the views of the author.

HL Podcast

HL Insight

Oil prices fell 1% in early trading on Thursday, extending losses from the previous session, after OPEC+ postponed a ministerial meeting stoking views the producers might cut output less than earlier anticipated.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

Published by

23 Nov 2023

Brent futures fell 81 cents, or 1%, to $81.15 a barrel, after falling as much as 4% on Wednesday. U.S. West Texas Intermediate crude dipped 72 cents, or 0.9%, to $76.40, after declining as much as 5% in the previous session.

Trade was expected to remain muted due to the Thanksgiving holiday in the United States.

In a surprise move, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting where they were expected to discuss oil output cuts.

Producers were struggling to agree on output levels and hence possible reductions ahead of the meeting originally set for Nov. 26, OPEC+ sources said.

Three OPEC+ sources, however, said this was linked to African countries, which are smaller producers in the group, which eased investor concerns.

The questions over OPEC+ supply come as