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Investing.com — Oil prices fell for a sixth-straight week Friday, as voluntary output cut agreements from major oil producers that fell short expectations continued to keep worries about oversupply front and centre.
By 14:30 ET (19.30 GMT), the futures settled 2.5% lower at $74.07 a barrel, and the contract dropped 2.5% to $78.88 a barrel.
Both benchmarks fell around 2% on Thursday, resulting in losses over the course of November of over 6%, the second consecutive losing month.
OPEC+ voluntary output cut agreements amount to ‘paper cut’
Seven OPEC+ countries announced plans for additional voluntary production cuts in the first quarter, the sum of which amount to “paper cut” of 896,000 barrels per day, Goldman Sachs said in a note, as the recent upside surprise in the global crude supplies could weigh on oil prices.
“We had already assumed the rollover of the Saudi and Russian cuts into 1Q24, as had most of the market,” said analysts at ING, in a note. “Therefore, new additional cuts of a little under 900Mbbls/d will be seen in 1Q24. These additional voluntary cuts will be brought back gradually to the market after 1Q24 depending on…
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