Key Points
Oil prices settled 2% lower on Friday, with a big weekly loss after data U.S. jobs data was weaker than expected in August, which outweighed price support from a delay to supply increases by OPEC+ producers...
Brent crude futures were down $1.63, or 2.24%, to $71.06 a barrel, their lowest level since Dec. 2021. their lowest since June 2023...
On Thursday, Brent settled at its lowest since June 2023 despite a withdrawal from U.S. oil inventories and a decision by OPEC+ to delay planned oil output increases...
Bank of America lowered its Brent price forecast for the second half of 2024 to $75 a barrel from almost $90 previously, it said in a note on Friday, citing building global inventories, weaker demand growth and OPEC+ spare production capacity...
Business NewsMarketsCommoditiesGanesh Chaturthi 2024: Crude oil plunges on demand-supply imbalance in 2024, Brent down 20% in 12 months; OPEC+ in focus.
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