OPEC+ agrees on additional output cuts
Oil has had a volatile trading session in reaction to the latest production decision from OPEC+. After initially trading higher, West Texas Intermediate (CL=F) futures fell nearly 2% after 11 a.m. ET on Thursday.
Yahoo Finance's Ines Ferre reports:
The OPEC+ group on Thursday agreed to additional output curbs of 1 million barrels per day in a move that could send oil prices higher. The deeper reductions come alongside an extension of Saudi Arabia's unilateral reduction of 1 million barrels per day.
The move was reported by multiple outlets, citing delegates at the group's meeting. Members of OPEC+, the consortium of some the world's largest producers and its allies, will vote on the deal at the group's meeting Thursday.
“Production increases in the U.S., Guyana and Brazil will soften the blow caused by OPEC’s announced production cuts but that doesn’t mean consumers in the US won’t feel some sting from this at the pump," KPMG US energy leader Angie Gildea said immediately following the announcement.
"Further, even though weaker global economic expectations have been keeping prices relatively low right now, it just takes one wildcard event to disrupt the market and put us back in a tight supply situation that could send prices back up," added Gildea.
Business - Latest - Google News
November 30, 2023 at 11:28PM
https://ift.tt/9FDQRs4
Stock market news today: US stocks split as Fed's favorite inflation gauge cools - Yahoo Finance
Business - Latest - Google News
https://ift.tt/1yoc2Nj
Bagikan Berita Ini
0 Response to "Stock market news today: US stocks split as Fed's favorite inflation gauge cools - Yahoo Finance"
Post a Comment