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