Oil is down more than 1% as uncertainty swirls over the delayed OPEC+ meeting

Singapore, Nov. 23 (BNA): Oil prices fell by more than 1% on Thursday, extending losses from the previous session after OPEC+ postponed a ministerial meeting, leading to speculation that producers might cut output less than earlier anticipated.

 

Brent futures were down $1.04, or 1.3%, at $80.92 a barrel by 0230 GMT, after falling as much as 4% on Wednesday. U.S. West Texas Intermediate crude dipped 90 cents, or 1.2%, to $76.20 after declining as much as 5% in the previous session, Reuters reported.

 

In a surprise move, the Organization of the Petroleum Exporting Countries and its allies, including Russia, delayed to November 30 a ministerial meeting where they were expected to discuss oil output cut.

 

JA