The downward spiral of oil prices persisted as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to defer their ministerial meeting on production policy until the month’s end.
The morning session saw a 1.13% decline in U.S. crude futures, settling at $76.23 per barrel, while Brent crude futures experienced a 1.26% dip, reaching $80.93 per barrel. A day earlier, oil prices faced a notable 4% fall, with Brent concluding the session at $82.65 per barrel, marking a 0.6% decrease.
Simultaneously, U.S. crude slipped by 0.85% to $77.10 per barrel. The market is on high alert for cues on future production decisions from ongoing OPEC+ discussions.