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Indonesia News Portal for Traders | Financial & Business Updates

13 November 2024 03:42  |

Oil prices hold near 2-week low after OPEC cuts demand view, dollar rises

Oil prices held near a two-week low on Tuesday after dropping about 5% over the past two sessions as investors absorbed OPEC's latest downward revision for demand growth, a stronger U.S. dollar and disappointment over China's latest stimulus plan.

Brent futures were up 6 cents, or 0.1%, to settle at $71.89 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 8 cents, or 0.1%, to settle at $68.12.

On Monday, both crude benchmarks settled at their lowest prices since Oct. 29.

The weaker outlook highlights the challenge facing OPEC+, a group that includes the Organization of the Petroleum Exporting Countries and allies such as Russia. This month, the group postponed a plan to start raising output in December against a backdrop of falling prices.

Source: Reuters

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