Oil drops 2% as markets mull OPEC+ cuts’ efficacy, macroeconomic slowdowns
Oil prices fell by 2% on Wednesday, as investors mulled the effectiveness of OPEC+ cuts against concerns of the potential impact of a worsening macroeconomic outlook on global demand.
Brent crude futures fell $1.59, or 2.06%, to $75.61 a barrel by 1454 GMT. U.S. WTI crude futures fell by $1.67, or 2.31%, to $70.65 a barrel.
The Organization of the Petroleum Exporting Countries and allies such as Russia (OPEC+) agreed on voluntary output cuts of about 2.2 million barrels per day (bpd) for the first quarter of 2024 late last week.
