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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.
(Reuters) -Oil prices eased as much as 1% in Asian trade on Tuesday, extending losses from a four-month low in the previous session, as investors worried about supply ticking up later in the year amid signs of weakening U.S. demand. Brent crude futures fell 73 cents, or 0.93%, to $77.63 a barrel at 0638 GMT. The Organization of the Petroleum Exporting Countries and allies led by Russia, together known as OPEC+, on Sunday agreed to extend most of their oil output cuts into 2025 but left room for voluntary cuts from eight members to be gradually unwound from October onward.
Global oil prices today took a surprising dip, falling over 3% despite ongoing production cuts by OPEC+ and its allies
Brent crude futures fell 20 cents or 0.3 % $78.16 a barrel. Brent closed below $80 for the first time since Feb. 7, after falling more than 3% on Monday.