Page 8 - Pec News Today

Oil: Brent crude futures edged up 13 cents to USD 78.16 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures were up 18 cents at USD 73.22 a barrel.

Oil prices appear to have stopped falling, at least for now, after Saudi Arabia emphasized that the OPEC+ production cuts will be implemented in full.

ALBAWABA – Oil prices steadied on Tuesday and the US Dollar held on to most its overnight gains as OPEC+ scrambles to reach a consensus over additional

OPEC+ members have so far failed to shift sentiment in oil markets, with macroeconomic concerns continuing to weigh on oil prices.

The OPEC+ group is ready to take additional measures and deepen the oil production cuts in the first quarter of 2024 to avoid volatility and speculation on the market

Oil prices dropped on Tuesday, losing for a fourth straight session, amid lingering concerns about the outlook for energy demand, and on disappointment over the quantum of additional output cut announced by OPEC+.

ALBAWABA – The US dollar slipped as oil prices edged slightly higher over the weekend through Sunday on OPEC+'s initial agreement to further cut output

ALBAWABA – Oil prices slid Monday as ambiguity shrouded OPEC+'s decision to enact additional output cuts, while the US Dollar struggled to pare its loss

Crude oil prices extended losses on Monday as uncertainty about the voluntary supply cuts by OPEC+ members announced last week weighed on sentiment. Concerns about global demand also weighed on sentiment.

OPEC+ announced production cuts to shore up flagging prices but Saudi Arabia might be quietly planning to flood the market with cheap oil, according to energy experts.