Oil market extended losses in the aftermath of OPEC+’s output decision
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.
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.