Oil prices were lower following the move by OPEC, a signal that growth concerns have overwhelmed expectations for lower supply.
OPEC and other supply-cutting countries led by Russia on Tuesday finalized plans to prop up oil prices. The extended agreement to cut 1.2 million barrels per day through March 2020 was expected to at least temporarily support prices. Yet oil prices remained depressed following the announcement, signaling that concerns about a slowdown in growth have overwhelmed expectations for lower supply. Visit Markets Insider for more stories.
OPEC and other supply-cutting countries led by Russia on Tuesday finalized plans to prop up oil prices. The extended agreement to cut 1.2 million barrels per day through March 2020 was expected to at least temporarily support prices. Yet oil prices remained depressed following the announcement, signaling that concerns about a slowdown in growth have overwhelmed expectations for lower supply. Visit Markets Insider for more stories.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
OPEC extends oil cut to prop up prices as economy weakensOPEC agreed on Monday to extend oil supply cuts until March 2020, three OPEC sou...
Read more »
Oil prices slip as demand worries outweigh OPEC supply cutsOil prices slipped on Tuesday as worries that a weakening global economy would d...
Read more »
OPEC and allies set to extend oil supply cuts, prop up pricesOPEC and its allies led by Russia are set to extend oil output cuts until March ...
Read more »
New OPEC-Russia Pact on Oil Cuts Could Last Well Into 2020OPEC and its Russia-led allies are likely to extend their deal to cut oil output by nine months, Saudi Energy Minister Khalid al-Falih said Sunday, in a sign that some of the world’s major crude-producing countries are concerned about the possibility of shrinking demand well into next year.
Read more »
Oil prices jump over 2% as OPEC set to extend supply cutsOil prices rose more than $1 a barrel on Monday, with OPEC and its allies on tra...
Read more »
Brent oil jumps over $2 as OPEC+ poised to extend supply cutBrent oil jumps over $2 as OPEC+ poised to extend supply cut reports NasrallaShadia
Read more »