Oil Prices Drop on Mixed Economic Data and Extended OPEC+ Supply Cuts
- Oil prices hit lowest level since August, with WTI below $80/barrel
- Economic data from China was mixed while top OPEC+ producers extend supply cuts
- Oil prices erased nearly all gains made since start of Israel-Hamas conflict in October
- Russia and Saudi Arabia committed to maintaining oil supply cuts until end of year
- Higher interest rates worldwide dampening oil demand as businesses struggle