DJ Oil Futures Extend Post-OPEC Losses on Demand Worries --

DJ Oil Futures Extend Post-OPEC Losses on Demand Worries -- Market Talk

0819 ET - Crude oil futures are adding to Monday's losses brought on by the OPEC+ decision to start unwinding some voluntary additional output cuts after September. "The technical picture in oil has turned very bearish," says Alex Kuptsikevich, senior market analyst at FxPro. "OPEC+ agreed to an impressive extension of low production quotas, but markets are paying more attention to the short-term supply-demand balance and viewed the move as underwhelming." WTI is down 1.9% at $72.78, and Brent is off 1.7% at $77.04 a barrel. ([e-mail])

 

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June 04, 2024 08:19 ET (12:19 GMT)

 
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