Brent declines for fourth straight session

Economies.com
2023-11-27 12:44PM UTC

International benchmark Brent fell on Monday for the fourth straight session to below $80 a barrel amid demand concerns in the US, the world's largest fuel consumer. 

 

Now investors await OPEC+ meeting later this week, which could result in  a deal to deepen and extend supply cuts until 2024.

 

Brent Prices Today

 

Brent tumbled 1.3% to $79.11 a barrel, with a session-high at $80.66, after losing 1.2% on Friday, the third loss in a row after the delay of the OPEC+ meeting. 

 

Brent slipped 0.6% last week, the fifth weekly loss in a row amid demand concerns in the US and China.

 

US Demand

 

In a sign of slowing economic activities, Friday data showed the US manufacturing slowing down sharply in November.

 

Official EIA data showed US crude stocks surged by the most in four months in a negative sign for demand.

 

OPEC+ 

 

The OPEC+ coalition issued a statement about delaying its next meeting from November 25 to November 30.

 

The delay comes as markets closely await a potential decision of extending the ongoing supply cuts and deepening them in 2024, after oil prices tumbled 15% since September.

 

Three sources told Reuters that OPEC+, which includes Russia, is discussing additional supplies cuts at the November meeting.

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