Oil ends the week’s trading on a decline after the OPEC+ meeting was postponed

Live: Oil futures prices closed today’s trading with a decline after the OPEC Plus meeting was postponed.

Futures prices for standard Brent crude for January delivery fell by 1.7%, equivalent to $1.38, at $80.58 per barrel, ending the week almost unchanged, after a series of losses that extended over four weeks..

While the price of US Nymex crude for January delivery fell by 2%, or $1.56, to record $75.54 per barrel, and declined during the week’s trading by 0.65%, extending its series of losses to the fifth week in a row..

The postponement of the OPEC+ meeting, which includes OPEC and other allies, including Russia, from November 26 to 30 led to a sharp decline in oil prices.

Many analysts said they expect OPEC+ to extend or increase oil supply cuts next year in order to support prices.

In a separate context, analysts expected the pace of growth in demand for crude in China to slow to 4% in the first half of 2024, after strong growth levels following the Corona pandemic, in light of the continued impact of the real estate sector crisis on diesel consumption..

To trade and invest in the Egyptian Stock Exchange, click here

Follow the latest stock and economic news via our Telegram channel

Nominations

Oil prices stabilize before the OPEC+ meeting – Mubasher Info

Oil prices fell at the end of Wednesday trading