Brent dips toward $80 ahead of OPEC+ meeting
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The latest oil and gas news, dedicated to all things oil and gas: people, technologies, transactions, trends, and macro-economic analysis that impact commodity prices.
The latest oil and gas news, dedicated to all things oil and gas: people, technologies, transactions, trends, and macro-economic analysis that impact commodity prices.
Brent crude futures were down 52 cents, or 0.65%, at $80.06 a barrel by 01:17 p.m. ET (1817 GMT), while US West Texas Intermediate (WTI) crude futures lost 54 cents, or 0.7%, to $75. Both contracts lost $1 in early trading.
The United Arab Emirates is set to increase the exports of its flagship crude grade as its OPEC+ production quota will climb.
Over the past month, oil prices have shed some $10 per barrel and WTI even started to see contango as market sentiment soured, developments that will inevitably lead to lower Middle East OSPs in December