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US Oil Plunges 4.8% On Demand Worries Even As OPEC

Author:
Eray Bekir
Market News

Oil prices fell about 3% on Tuesday, even after OPEC and allies including Russia agreed to extend supply cuts until next March, as weak manufacturing data had investors worried that a slowing global economy could dent oil demand.

Brent crude futures fell $2.61, or 4.01%, to $62.45 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $2.84, or 4.8%, to $56.25 a barrel, after touching their highest in more than five weeks on Monday.

The Organization of the Petroleum Exporting Countries and other producers such as Russia, a group known as OPEC+, agreed on Tuesday to extend oil supply cuts until March 2020 as members overcame differences to try to prop up prices.

The extension comes after Russian President Vladimir Putin said on Saturday he had agreed with Saudi Arabia to prolong the pact and continue to cut combined production by 1.2 million barrels per day, or 1.2% of world demand.

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.