Oil prices sank further Thursday after the shock decision by OPEC+ to delay a key policy meeting, suggesting fresh discord in the bloc.
Stock markets, meanwhile, traded mixed after two US reports dented recent euphoria over the future of interest rates.
Both main crude contracts slid on news that the much-anticipated gathering of OPEC+, an alliance of major producers led by Saudi Arabia and Russia, would be put back by four days to November 30.
Prices declined by another one percent on Thursday, having dived by almost five percent at one point on Wednesday following the news.
Reports said the decision was made after Angola and Nigeria pushed back against lower targets that were urged by others, with Saudi Arabia said to have been preparing to extend a one-million-barrel-a-day output cut into the new year.
Oil Prices Drop Further After OPEC+ Delay
Oil prices sank further Thursday after the shock decision by OPEC+ to delay a key policy meeting, suggesting fresh discord in the bloc.
Stock markets, meanwhile, traded mixed after two US reports dented recent euphoria over the future of interest rates.
Both main crude contracts slid on news that the much-anticipated gathering of OPEC+, an alliance of major producers led by Saudi Arabia and Russia, would be put back by four days to November 30.
Prices declined by another one percent on Thursday, having dived by almost five percent at one point on Wednesday following the news.
Reports said the decision was made after Angola and Nigeria pushed back against lower targets that were urged by others, with Saudi Arabia said to have been preparing to extend a one-million-barrel-a-day output cut into the new year.
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