Tuesday, November 28, 2023

Oil Falls With Brent Reaching Below $80 Per Barrel Mark Amid OPEC+ Uncertainty

 Crude oil prices fell on Monday, with the Brent benchmark settling beneath the key $80 per barrel level amid concerns on whether global producer alliance OPEC+ would be able to restrict supply meaningfully to a market weakened by demand uncertainty.

“Arguably, the OPEC+ meeting will be the week's most impactful event - not just because any decision could have direct consequences for price and therefore inflation but also due to the meeting already being pushed back by four days, so there's clearly some disagreement within the alliance,” Craig Erlam, analyst at online trading platform OANDA, said.

UK North Sea-origin Brent settled at $79.98 per barrel, down 60 cents, or 0.7%, on the day.

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