© Reuters. FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
BEIJING (Reuters) – Oil prices fell in Wednesday Asian morning trading as markets continue to doubt the impact of OPEC+ cuts and take cues from a worsening demand outlook in China.
futures fell 8 cents, or 0.1%, to $77.12 a barrel by 0101 GMT. U.S. WTI crude futures were down 13 cents, or 0.2%, at $72.19 a barrel.
Both benchmarks closed at their lowest level since July 6 in the previous session, with WTI seeing four consecutive days of declines.
Voluntary output cuts of about 2.2 million barrels per day (bpd) for the first quarter of 2024 by the Organization of the Petroleum Exporting Countries and allies such as Russia (OPEC+) have failed to support market sentiment, amid scepticism over whether the cuts would be implemented in full.
The cuts include an extension of Saudi and Russian voluntary cuts of 1.3 million bpd.
Comments from Russian deputy prime minister Alexander Novak that OPEC+ was “ready to take additional actions to eliminate speculation and volatility” did not significantly…
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