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Oil prices declined again and broke a new record, with Brent crude futures recording a sharp drop.
Investors are concerned about weak demand for commodity, which resulted in yet another drop in oil prices oil this Tuesday. Brent crude futures fell 1,1% to $77,20 per barrel, while US West Texas Intermediate (WTI) crude fell 1,0% to $72,32. Furthermore, a stronger dollar also contributed to the decrease in prices.
According to Craig Erlam, an analyst at data and analytics firm Oanda, OPEC+'s agreement to voluntarily cut production by about 2 million barrels per day for the first quarter of 2024 has had little impact on prices. The most recent closing represents the lowest value reached in the last five months, whose consecutive drop over four days indicates a loss of confidence among traders in the market. The relevant members of OPEC+, such as Saudi Arabia and Russia, which produce more than 40% of the world's oil, were unable to boost prices even with the initiative to cut production. The lower close for both contracts was the worst since early July, reaching levels not seen since. For WTI, it was the first time prices had declined for four days in a row since May.
Source: moneytimes
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