Oil Prices Plunge to Lowest Since June as Oversupply Concerns Outweigh OPEC+ Production Cuts
• Oil prices plunge to lowest level since June due to oversupply concerns and momentum trading • Prices fall despite EIA report showing drop in US crude stockpiles • Saudi Arabia cuts oil prices to Asia by the most since February • OPEC+ announces deeper output cuts to stabilize market, but oil keeps falling as traders doubt compliance • Russian President Putin meets with UAE leaders to potentially discuss oil cooperation