Oil drops amid OPEC+ output cut extension rumors

Friday, 22. November 2019 17:47

Oil prices moved substantially lower on Friday as investors digested reports about the OPEC+ planning to extend output cuts that have been in place since last December.

According to said report, at the forthcoming December meeting, the Organization of the Petroleum Exporting Countries and allied oil-producing nations are expected to extend existing output cuts by three more months. The deal on production cuts was initially planned to run through March 2020.

International benchmark Brent for January settlement dropped 0.82% at 11:41 am ET, to go for $63.21 per barrel, while West Texas Intermediate futures for delivery in the same month declined 1.05%, selling for $57.72 a barrel at 11:42 am ET.

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