Oil prices fall in volatile trade as investors seek OPEC+ clarity
NEW YORK (Reuters) -Oil prices fell more than $1 a barrel on Wednesday in another seesaw trading session, as investors feared what this week’s collapse in OPEC+ talks meant for worldwide production.
Crude markets have been volatile over the last two days following the breakdown of discussions between major oil producers Saudi Arabia and United Arab Emirates.
Brent crude settled at $73.43 a barrel, falling $1.10, or 1.5%. U.S. West Texas Intermediate settled at $72.20 a barrel, shedding $1.17 or 1.6%. Both benchmarks rallied more than $1 a barrel earlier in the session, similar to Tuesday’s action.
The Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+, have restrained supply for more than a year since demand crashed during the coronavirus pandemic.
