Global Investing
OPEC+ signals production increase, oil futures plummet to four-month low
Oil futures prices dropped to a four-month low.
Oil futures prices dropped to a four-month low as OPEC+ plans to increase production starting Q4 2024. Brent futures closed at $78/barrel, with spreads shrinking. OPEC+ extended output cuts till Sept 2024, then gradually lifts them. The move aims to reclaim market share lost to rivals, signalling a strategic shift.
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By John Kemp
Oil futures prices have fallen to the lowest level for four months and calendar spreads have slumped after OPEC+ ministers signalled their intention to start increasing production from the fourth quarter of 2024.
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