• Sat, Feb 28, 2026|
  • JKT --:--
  • TKY --:--
  • HK --:--
  • NY --:--

Indonesia News Portal for Traders | Financial & Business Updates

5 September 2024 02:18  |

Crude Extends Losses on Prospects of Higher Supply

Oil prices add to the previous day's heavy losses as the market shrugs off delegate comments that OPEC+ is considering a delay in plans to start unwinding output cuts.

The prospect of the producer group returning barrels to the market as demand eases has sent futures to multi-month lows. "Current market prices are suggesting that investors are not expecting demand to pick up any time soon," says Fawad Razaqzada, a market analyst at Forex.com.

"So it's all about OPEC, will they cut more, will they extend their output cuts?" he says. "I don't think they mind oil prices at around current levels that much, but if they see another drop in the next couple of months they'll start getting worried again."

WTI settles down 1.6% at $69.20 a barrel and Brent falls 1.4% to $72.70."

Source : Dow Jones Newswires

 

Related News

OIL

Crude Extends Losses on Prospects of Higher Supply

Oil prices add to the previous day's heavy losses as the market shrugs off delegate comments that OPEC+ is considering a dela...

5 September 2024 02:18
OIL

Oil Extends Drop on Signs of OPEC+ Output Boost and China Wo...

Oil pushed lower on signs OPEC+ will progress with a plan to lift output from October, while economic headwinds mount in...

2 September 2024 07:20
OIL

Oil Extends Drop on Signs of OPEC+ Output Boost and China Wo...

Oil pushed lower on signs OPEC+ will progress with a plan to lift output from October, while economic headwinds mount in...

2 September 2024 12:47
OIL

Oil extends losses on weak China data, prospect of higher OP...

Oil prices extended losses on Monday on expectations for higher OPEC+ production starting in October and as signs of sluggish...

2 September 2024 15:49
BIAS23.com NM23 Ai