WTI - Oil Prices Dip As OPEC+ Showdown Over African Quota Dispute Fuels Market Uncertainty | Benzinga
Global energy prices fell on Monday, with Brent crude dipping back below $80 a barrel after OPEC+ rescheduled its meeting — originally planned for Sunday — to later this week.
In early trade, Brent crude was down 1.2% at $79.50 a barrel, while Nymex West Texas Intermediate fell 1.2% to $74.61 a barrel. The United States Oil Fund (NYSE:USO), an exchange traded product that tracks the price of light sweet crude, was down 1.7% in pre-market trade at $69.60.
OPEC+, the 13 permanent members of the oil producing cartel plus allies including Russia, will meet on Thursday to discuss output quotas. Given Monday’s price action, oil traders appeared to be backing the likelihood that very little will change in a market that is currently amply supplied.
“Global energy markets have been flooded with supply so far in November, which coincided well with lower demand across the gas and oil complex,” said Joe DeLaura, global energy strategist at Rabobank.
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