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Oil prices set for worst week since October 2023 as OPEC+ fails to reassure market

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The OPEC+ output hike will bring about 2.2 million barrels per day back onto the market through the end of next year.

The Brent global benchmark has fallen 7.2% and is on pace for its worst week since October 2023.OPEC+ delayed plans to increase production by 180,000 barrels per day until December as oil sold off steeply this week.Crude oil futures were on pace for a deep weekly loss, as the OPEC+ decision to postpone a production hike failed to ease worries that supply would outstrip demand.

The Brent global benchmark has fallen 7.2% and is on pace for its worst week since October 2023. The U.S. benchmark is down 5.4% for its worst week since early May.OPEC+ delayed plans to increase production by 180,000 barrels per day until December as oil sold off steeply this week. The output hike will bring about 2.2 million bpd back onto the market through the end of next year.

Citi, meanwhile, is expecting Brent prices to average in the $60 range next year as the market is expected to enter into a substantial surplus.Wells Fargo says LNG market will grow as supply boom drives prices lower. Stocks to play the trendCelebrity News

 

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Oil prices set for worst week since October 2023 as OPEC+ fails to reassure marketThe OPEC+ output hike will bring about 2.2 million barrels per day back onto the market through the end of next year.
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