Tough week for oil as OPEC+ actions fail to deliver gains ...Middle East

WTI crude oil settled lower by $1.10 to $67.20 in the second day of selling following the OPEC+ decision to delay barrels through Q1 and bring them on more-slowly afterwards.Oil is still within the range of the past month but is dangerously close to a test of the 2024 lows.There are signs that OPEC's discipline is spreading to the US. Yesterday Chevron announced that it would lower 2025 capex by $2 billion this year to a range of $14.5-15.5 billion as it said it would prioritize free cash flow over production growth.US oil production just appear to be close to stalling at levels just above the 2019 peak in a sign the market is well-supplied and investors aren't looking for growth. That said,

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