Brent crude dropped 78 cents, or 1.2%, to $62.91 a barrel by 0138 GMT, after losing 1.1% the previous day. U.S. West Texas Intermediate crude slid 74 cents, or 1.2%, to $59.90 a barrel, having lost 1.4% on Monday.
“Oil prices remained under pressure as investors were making position adjustments ahead of the OPEC meeting,” he said. OPEC oil output fell in February as a voluntary cut by Saudi Arabia added to reductions agreed to under the previous OPEC+ pact, a Reuters survey found, ending a run of seven consecutive monthly increases.
They have to increase supply & sell as much oil as they can before world demand radically drops due to EV
This is how you bend MBS over, his pocket book...
Ouch. This will hurt Biden’s plan for $5 a gallon gas.
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