Oil prices drop further as uncertain demand outlook weighs OPEC+
Oil prices dropped on Thursday, extending the previous session’s sharp losses as an uncertain demand outlook overshadowed an OPEC+ panel meeting deciding to maintain oil output cuts to keep supply tight.
Brent crude oil futures had fallen 65 cents to $85.16 a barrel by 1245 GMT, while U.S. West Texas Intermediate crude futures were 75 cents lower at $83.47. Both benchmarks fell by more than $1 in earlier trading.
“Currently economic malaise is in the forefront of thinking and is the main price driver. The strong dollar, sluggish equity markets and rising bond yields are souring investor’s sentiment in energy,” said Tamas Varga of oil broker PVM in a note.
