empty
 
 

2024.03.0419:22:00UTC+00Oil Futures Settle Lower On Demand Worries

Oil futures ended notably lower on Monday amid concerns about the outlook for energy demand after the Organization of Petroleum Exporting Countries and its allies, collectively known as OPEC+ decided to extend their output cuts till the end of the second quarter.

West Texas Intermediate Crude oil futures for April ended lower by $1.23 or about 1.5% at 78.74 a barrel.

Brent crude futures were down $0.71 or 0.85% at $82.84 a barrel a little while ago.

After their meeting on Sunday, OPEC+ announced that the 2.2 million barrels per day of voluntary output cuts that were planned for the first quarter of this year will continue into the next quarter.

The OPEC+'s decision to extend the cuts, and Russia's additional output reduction and export curbs, have raised concerns about global oil demand, particularly demand from China.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback