Oil prices tumble over 2%, fueled by doubts on OPEC+ supply cuts and global manufacturing concerns. Uncover the factors influencing the market.
Brent crude slumps 2.45%, settling at $78.88/barrel, while WTI drops 2.49% to $74.07/barrel. Weekly losses add pressure.
OPEC+ agrees on 2.2 million bpd output cut for Q1 2024, but traders remain skeptical. U.S. manufacturing subdued, factory employment falls.
Failed Israel-Hamas truce and U.S. sanctions on Russian oil influence market dynamics. U.N. Secretary General advocates for a fossil-free future at COP28.