Posted 12/4/2023, 2:42:00 PM
Oil Prices Drop on Doubts Over OPEC+ Cuts and Demand Worries
- Oil prices fell on Monday due to investor skepticism over the latest OPEC+ supply cuts and uncertainty around global fuel demand
- The voluntary nature of the cuts led to doubts about whether producers would fully implement them
- Surveys showed weak global manufacturing activity and mixed signs on China's economy, raising concerns about oil demand
- Geopolitical tensions resumed in Gaza and attacks occurred on commercial vessels in the Red Sea, lending some support to prices
- The U.S. imposed additional sanctions related to the Russian oil price cap on Friday, as Western countries step up efforts to enforce the $60 cap