Oil futures fell Monday to their lowest levels in more than two weeks, building on recent declines that came after a round of voluntary production cuts announced by OPEC+ left traders skeptical about compliance.Price action
West Texas Intermediate crude for January delivery
CL00,
-0.89%
CL.1,
-0.89%
CLF24,
-0.89%
fell 85 cents, or 1.2%, to $73.22 a barrel on the New York Mercantile Exchange,
February Brent crude
BRN00,
-0.63%
BRNG24,
-0.63%
dropped $1.29, or 1.6%, $77.59 a barrel on ICE Futures Europe.
January gasoline was down 0.1% at $2.1198 a gallon, while January heating oil
HOF24,
+0.33%
edge down 0.4% to $2.6501 a gallon.
January natural gas
NGF24,
-5.22%
declined 5.3% to $2.664 per million British thermal units.
Market drivers The OPEC+ deal last week was “unconvincing, to say the least, and oil prices have been in decline ever since,” said Craig Erlam, senior market analyst at OANDA.
“With markets seemingly anticipating more of an economic slowdown next year, the announcement simply doesn’t go far enough,” he said in market commentary. “It’s another large cut but how much will actually be delivered on? And are we at the limits of what the alliance is willing to achiev …
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West Texas Intermediate crude for January delivery
CL00,
-0.89%
CL.1,
-0.89%
CLF24,
-0.89%
fell 85 cents, or 1.2%, to $73.22 a barrel on the New York Mercantile Exchange,
February Brent crude
BRN00,
-0.63%
BRNG24,
-0.63%
dropped $1.29, or 1.6%, $77.59 a barrel on ICE Futures Europe.
January gasoline was down 0.1% at $2.1198 a gallon, while January heating oil
HOF24,
+0.33%
edge down 0.4% to $2.6501 a gallon.
January natural gas
NGF24,
-5.22%
declined 5.3% to $2.664 per million British thermal units.
Market drivers The OPEC+ deal last week was “unconvincing, to say the least, and oil prices have been in decline ever since,” said Craig Erlam, senior market analyst at OANDA.
“With markets seemingly anticipating more of an economic slowdown next year, the announcement simply doesn’t go far enough,” he said in market commentary. “It’s another large cut but how much will actually be delivered on? And are we at the limits of what the alliance is willing to achiev …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]