Crude oil prices faced a weekly loss despite escalating geopolitical tensions and delayed OPEC decisions, with bearish market sentiment prevailing.
Crude oil prices were set for a weekly loss today despite a flare-up in the Middle East and the virtual certainty OPEC would not be bringing any barrels back anytime soon. Brent crude was trading at $73.38 per barrel at the time of writing, and West Texas Intermediate was changing hands for $69.15, both up from Thursday but down on the start of the week as the U.S. brokered a ceasefire between Israel and Lebanon’s Hezbollah.
meanwhile, is keeping both energy analysts and oil traders guessing as it delayed its meeting, originally planned for Sunday, until next Friday. The reason given for the delay was a scheduling conflict. The group was almost unanimously expected to announce yet another delay to its planned easing of the production cuts in light of recent price movements.
Brent WTI OPEC+ Middle East Ceasefire Oil Prices Market Oversupply Production Cuts Geopolitics
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