Oil Prices Set for Weekly Dip Despite OPEC+ Decision ...Middle East

OILPRICE - Economy

Despite OPEC+’s decision to postpone the rollback of its oil production cuts, the benchmarks were on track for a weekly loss earlier today. One reason for this was that the OPEC+ decision was expected. The other was that this decision strengthened the perception that oil demand is too weak for the group to bring back any supply. This perception may well be misleading, by the way, as some analysts have already warned, with the oil market set for a correction next year. Meanwhile, however, prices remain depressed, with Brent crude trading at…

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