Oil market dipped as investors doubted OPEC+ output cuts; weak demand
Adding to the unease, global manufacturing data for November revealed a lacklustre performance, amplifying worries about the economic recovery's pace and further dampening oil market sentiment.
The global oil benchmarks plummeted by more than 2% on Friday, 1 December 2023 as investor confidence wavered due to skepticism surrounding OPEC+ supply cuts. The agreement, finalized on Thursday, aimed for a 2.2 million barrels per day (bpd) reduction in Q1 of the upcoming year. Concerns persisted about the cuts' depth and their impact.
Adding to the unease, global manufacturing data for November revealed a lacklustre performance, amplifying worries about the economic recovery's pace and further dampening oil market sentiment.
Brent crude futures for February settled down $1.98/barrel or 2.45%, close at $78.88/barrel.
WTI dropped $1.89/barrel or 2.49%, to close at $74.07/barrel.