Posted 10/6/2023, 8:30:25 AM
Oil Prices Drop Sharply on Demand Worries Despite OPEC+ Output Cuts
- Crude oil prices set for biggest weekly drop since March, with WTI at $82 and Brent below $84
- EIA report of weak gasoline demand and large inventory build shifted market sentiment
- OPEC+ decision to maintain cuts has little impact compared to economic concerns
- Further oil price volatility possible after U.S. jobs report and inflation data
- Even with tight market, economic worries now traders' primary concern over OPEC+ action
