Oil steady as markets weigh OPEC+ cuts against China demand concerns
Wednesday, 6 December 2023 Oil prices steady as investors weigh OPEC+ cuts against worsening demand outlook in China; Brent crude futures fell to $77.15 a barrel, while US WTI crude futures fell to $72.16 a barrel; OPEC+ agreed on voluntary output cuts of about 2.2 million bpd for Q1 2024; Concerns over China's economic health and Moody's downgrade of China's rating also weighed on prices; Russian president Putin to discuss oil and OPEC+ agreement during his visit to the UAE and Saudi Arabia.
Potential 2024 OPEC , Production Cuts Cause , Brief Spike in Oil Prices.
On December 5, oil prices briefly
spiked after Russia suggested
continued OPEC production cuts in 2024.
Markets Insider reports that Russian Deputy
Prime Minister Alexander Novak warned of more
potential production cuts...
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Wednesday, 6 December 2023
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