Oil Prices Drop Amid Inflation Concerns and Uncertainty Over OPEC Output Cuts
TL;DR
Oil prices hit a five-month low as concerns over a global supply glut intensified. Rising Russian crude exports and signs of robust supplies contributed to the downward pressure on prices. Despite recent output cuts by OPEC and its allies, crude has continued to slide for seven consecutive weeks. West Texas Intermediate settled below $69 a barrel, marking its lowest level since late June.
- Latest Oil Prices, Market News and Analysis for Dec. 12 Bloomberg
- U.S. crude oil falls nearly 4% as traders worry about inflation affecting demand CNBC
- Crude Oil Prices Steady Ahead Of Key Interest Rate Announcements & US Inflation Data | CNBC TV18 CNBC-TV18
- WTI trades around $71.40 after retracing its intraday gains FXStreet
- OPEC Output Cuts May Have No Effect Unless Extended Further OilPrice.com
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