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Oil prices fell to a near five-month low on Tuesday due to a stronger US dollar and demand concerns. The market fell for a fourth day in a row on doubts over OPEC+'s voluntary supply cuts last week. Brent crude oil futures fell 83 cents to settle at $77.20 a barrel, while U.S. West Texas Intermediate crude ended 72 cents lower at $72.32. The price declines came despite Russian Deputy Prime Minister Alexander Novak's comments that OPEC+ stands ready to deepen oil production cuts in the first quarter of 2024 to eliminate speculation and volatility. In the U.S. supply, crude oil and fuel inventories rose in the week to December 1, causing oil prices to extend losses post-settlement. Demand concerns in China, the world's biggest oil importer, and countries at the COP28 climate conference are considering calling for a formal phase-out of fossil fuels as part of the United Nations summit's final deal to tackle global warming.

Oil falls to near 5-month low on OPEC+ cut doubts, demand concerns

Oil prices fell to a near five-month low on Tuesday due to a stronger US dollar and demand concerns. The market fell for a fourth day in a row on doubts over OPEC+’s voluntary supply cuts last week. Brent crude oil futures fell 83 cents to settle at $77.20 a barrel, while U.S. West Texas Intermediate crude ended 72 cents lower at $72.32. The price declines came despite Russian Deputy Prime Minister Alexander Novak’s comments that OPEC+ stands ready to deepen oil production cuts in the first quarter of 2024 to eliminate speculation and volatility. In the U.S. supply, crude oil and fuel inventories rose in the week to December 1, causing oil prices to extend losses post-settlement. Demand concerns in China, the world’s biggest oil importer, and countries at the COP28 climate conference are considering calling for a formal phase-out of fossil fuels as part of the United Nations summit’s final deal to tackle global warming.

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