Crude oil plunged following the postponement of the OPEC+ meeting to November 30.
Crude oil prices experienced a 1.62% decline, settling at 6363, attributed to the postponement of the OPEC+ meeting to November 30. Saudi Arabia’s dissatisfaction with other members’ production levels caused the delay, initially sparking speculation about potential supply reductions.
This decline was compounded by significant data revealing a 9 million barrel increase in US crude inventories, surpassing market expectations. Despite expectations of OPEC+ cuts, the head of the International Energy Agency’s oil markets division indicated a slight supply surplus in 2024.