Tokyo, Nov. 28 (BNA): Oil futures fell more than $2 a barrel, with WTI hitting an 11-month low.
According to Reuters, Brent crude fell $2.16, or 2.6 percent, to trade at $81.47 a barrel at 02:30 GMT, after falling to $81.16 earlier in the session – its lowest since January 11.
US West Texas Intermediate crude fell $2.08, or 2.7%, to $74.20 a barrel. It fell to $73.82 earlier – the lowest since December 27, 2021.
Both benchmarks, which hit 10-month lows last week, posted three straight weekly declines. Brent ended the last week down 4.6%, while WTI fell 4.7%.
Tetsuo Emori, CEO of Emori Fund Management Inc.
“Unless OPEC+ agrees to additional production quota cuts or moves by the United States to reload its strategic petroleum reserves, oil prices could head down further,” he said.
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will meet on December 4.
In October, OPEC+ agreed to cut its production target by 2 million barrels per day until 2023.
FAE