Oil Price Records Loss

11/23/2023 17

Oil prices recorded more loss on Thursday, after OPEC announced the shock delay of a key policy meeting, suggesting fresh upheaval in the bloc, while equities were mixed after two US reports dented recent euphoria over the future of interest rates.

Both main crude contracts slipped on news that the much-anticipated gathering of the major producers combining OPEC and 10 allies would be put back by four days to November 30.

Prices had dived almost five percent at one point Wednesday, before paring the losses.

Reports indicated that the decision was made after Angola and Nigeria pushed back against lower targets that were urged by others, with Saudi Arabia said to have been preparing to extend a one-million-barrel-a-day output cut into the new year.

Written by: Helen Obih

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