• Home
  • Oil Hits Four-Month Low as OPEC+ Decision Fails to Allay Demand Worries
Oil prices tumbled by $3 a barrel to their lowest in nearly four months as investors worried that a complex OPEC+ decision could lead to higher supplies later in the year. Since Feb. 7, Brent crude futures have fallen by $2.75, or 3.4%, to settle at $78.36 a barrel, closing below $80. Analysts suggest this could negatively impact oil prices, as the end of voluntary cuts indicates a strong desire by several OPEC+ members to increase output despite recent rises in global oil stocks.

Oil Hits Four-Month Low as OPEC+ Decision Fails to Allay Demand Worries

Oil prices tumbled by $3 a barrel to their lowest in nearly four months as investors worried that a complex OPEC+ decision could lead to higher supplies later in the year. Since Feb. 7, Brent crude futures have fallen by $2.75, or 3.4%, to settle at $78.36 a barrel, closing below $80. Analysts suggest this could negatively impact oil prices, as the end of voluntary cuts indicates a strong desire by several OPEC+ members to increase output despite recent rises in global oil stocks.

Issue:
Country:
Subscribe to Receive Latest Updates from GIF.