Oil is falling on fears that OPEC's production cut deal is dead
Oil is taking a battering on Wednesday morning, amid fears that Russia is not keen on OPEC's planned oil production cut deal.
US crude is back below $50 a barrel in early trade in London and UK Brent is close to breaking through that psychologically important threshold too.
Here is how US crude looks at just after 7.25 a.m. BST (2.25 a.m. ET):
Investing.com
Investing.com
It is the second bad news story about the floated oil deal in recent days. Iraq over the weekend joined Iran, Nigeria, and Libya in seeking an exemption to cutting oil output for an OPEC deal, which will be discussed at the group's meeting in late November.
Michael Hewson, chief market analyst at CMC Markets, says in an emailed statement on Wednesday morning: "US markets had a disappointing session yesterday, reversing Monday's gains, dragged lower by a decline in oil prices amidst continued disagreements amongst OPEC and non OPEC members about the potential, as well as their ability to deliver on a production freeze.
"Higher than expected API inventory data overnight also helped weigh on sentiment, as stocks showed a rise of 4.8 million barrels, well above the 1.7 million barrels expected." (The API is the American Petroleum Institute.)
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- "To sit and talk in the box...!" Kohli's message to critics as RCB wrecks GT in IPL Match 45
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market