Oil prices experienced volatility as OPEC+ producers approached an agreement on output cuts nearing 2 million barrels per day for early 2024. Initially rising by over 1%, Brent crude futures showed a marginal increase, while U.S. West Texas Intermediate crude futures fell. The virtual meeting of major oil producers, including Saudi Arabia and Russia, raised concerns about potential surplus despite existing cuts. Skepticism prevails regarding individual OPEC members reaching the proposed cuts, leading to uncertainties in the market. Investors await a formal announcement and details of the additional cuts as compliance and long-term impacts remain key considerations.

SOURCE: GOOGLE