Oil prices drop as traders await OPEC+ decision
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E-mail Xinhua, December 2, 2020
NEW YORK, Dec. 1 (Xinhua) -- Oil prices declined on Tuesday as investors awaited a key decision on output policy from the Organization of the Petroleum Exporting Countries (OPEC) and its allies.
The West Texas Intermediate (WTI) for January delivery lost 79 cents to settle at 44.55 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased 46 cents to close at 47.42 dollars a barrel on the London ICE Futures Exchange.
The negative market reactions came as uncertainty about whether OPEC+ would agree to extend its deep output cuts remains.
OPEC and its allies (OPEC+) have postponed their decision on production policy from Tuesday until Thursday.
"Considering that the latest price rise was driven in part by speculation, we believe that the oil market risks facing a more pronounced price correction if OPEC fails to send out any convincing signal that it is in agreement and willing to maintain the production cuts," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Tuesday. Enditem
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