Oil futures moved lower Tuesday as a report of record-high production from OPEC in September fed a pullback in prices following a rally a day earlier.
Prices found support Monday on news that Russia planned to back a proposal from the Organization of the Petroleum Exporting Countries to reduce crude output.
November West Texas Intermediate crude fell 17 cents, or 0.3%, to $51.18 a barrel on the New York Mercantile Exchange. The December contract for global crude benchmark Brent was down 22 cents, or 0.4%, at $52.92 a barrel on the ICE Futures exchange in London.
On Tuesday, the Paris-based International Energy Agency said OPEC boosted its output by 160,000 barrels a day to a record 33.64 million barrels a day in September. At a meeting in Algiers last month, OPEC agreed to bring its output down to a maximum of 33 million barrels a day but also said it would work out details of the tentative proposal at the next OPEC group meeting Nov. 30.
via MarketWatch
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.