LONDON: Oil prices dropped to their lowest since early January on Monday after the Wall Street Journal reported that Saudi Arabia and other OPEC oil producers are discussing an output increase. Brent crude futures for January had slipped $4.07, or 4.7%, to $83.55 a barrel. US West Texas Intermediate (WTI) crude futures for December were down $4.02, or 5%, at $76.06 ahead of the contract\u2019s expiry later on Monday. The more active January contract was down $3.82, or 4.8%, at $76.29. An increase of up to 500,000 barrels per day (bpd) will be discussed at the OPEC+ meeting on December 4, The Wall Street Journal reported. Reuters was not immediately able to verify the report. The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, recently cut production targets and de facto leader Saudi Arabia\u2019s energy minister was quoted this month as saying the group will remain cautious. Meanwhile, supply fears have largely receded while concerns over Chinese fuel demand and US dollar strength weighed on prices. Expectations of further increases to interest rates have buoyed the greenback, making dollar-denominated commodities more expensive for investors. \u201cApart from the weakened demand outlook due to China\u2019s COVID curbs, a rebound in the US dollar today is also a bearish factor for oil prices,\u201d said CMC Markets analyst Tina Teng. Web Desk
\n\u201cRisk sentiment becomes fragile as all the recent major countries\u2019 economic data point to a recessionary scenario, especially in the UK and eurozone,\u201d she said, adding that hawkish comments from the US Federal Reserve last week also sparked concerns over the US economic outlook.<\/p>\n","protected":false},"excerpt":{"rendered":"
LONDON: Oil prices dropped to their lowest since early January on Monday after the Wall Street Journal reported that Saudi Arabia and other OPEC oil producers are discussing an output increase. Brent crude futures for January had slipped $4.07, or 4.7%, to $83.55 a barrel. US West Texas Intermediate (WTI) crude futures for December were […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-296930","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n