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Oil market extended losses in the aftermath of OPEC+’s output decisionInternational benchmarks for crude oil fell for the fifth consecutive session on Tuesday, 04 June 2024 as investors focused heavily on OPEC+’s decision to bring more barrels back to the market. |
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International benchmarks for crude oil fell for the fifth consecutive session on Tuesday, 04 June 2024 as investors focused heavily on OPEC+’s decision to bring more barrels back to the market. The group over the weekend agreed to maintain the collective production cuts of above 2 million barrels per day, but 8 members would unwind the voluntary curbs starting October.
While industry experts said the market is overreacting to the announcement, fear of a dimming global demand remained prevalent.
Brent fell another 84 cents or 1.07% to close at $77.52/barrel.
WTI concluded 97 cents or 1.31% lower, at $73.25/barrel.
