West Texas Crude Oil Contract (WTI) New York markets closed lower on Monday (Dec. 4) on concerns about weaker demand. and uncertainty regarding the amount and timing of OPEC+ oil production cuts.
The WTI crude oil contract will be delivered in January. fell $1.03 or 1.39% to close at $73.04/barrel.
The Brent crude oil contract (BRENT) will be delivered in February. fell 85 cents, or 1.08%, to close at $78.03/barrel.
The price of crude oil continued to decline from last week when it fell 2% after the OPEC+ group announced production cuts on Thursday (30 Nov.).
whileMr. Andrew Lipow The president of Lipow Oil Associates stated that “The market considers that OPEC’s production reduction plan There is not much impact on the market.”
Prince’s sideAbdulaziz bin Salman Saudi Arabia’s energy minister said in a television interview with Bloomberg on Monday that he expected OPEC and its allies to cut crude production by about 2.2 million barrels as announced last week. already
This was last week. OPEC+ has announced voluntary oil production cuts. Causing doubt that Will manufacturers fully implement production cuts? Investors are unsure how to measure these production cuts.
As for the oil market, it is still under pressure from a weaker demand trend. A survey on Friday (Dec. 1) indicated that global manufacturing activity remained weak in November. The production activity of factories in the Eurozone shrank. Meanwhile, there are mixed signals about the strength of China’s economy.
2023-12-05 03:20:13
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