Oil Continues Decline after OPEC Decision Last Week

US crude prices plunged on OPEC’s decision to not cut output, but light trading on Friday after the U.S. Thanksgiving Day holiday meant there could be more losses when markets return to full strength next week, traders said.

U.S. crude’s front-month contract closed $7.54, or 10.2 percent, lower at $66.15 per barrel—its lowest settlement since September 2009.  The front month for benchmark North Sea Brent crude fell about $2 to $70.45, its lowest since July 2010.

West Texas Intermediate (WTI) light U.S. crude hit fresh lows after Saudi Arabia blocked calls on Thursday from poorer members of the Organization of the Petroleum Exporting Countries to reduce production. U.S. markets were officially closed on Thursday for Thanksgiving, with only electronic trading.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.