MC
Oil prices experienced a decline in Asian trade on Wednesday, consolidating losses after falling by more than 3% in the previous session. This six-month low was due to oversupply and demand concerns, as well as weaker demand, looser supplies, and higher-for-longer interest rates.
The crude market remained unimpressed even after the Organization of Petroleum Exporting Countries and allies (OPEC+) announced production cuts for 2024. Factors such as record-high US production, a slowdown in Chinese demand, and uncertainty over the Fed’s monetary policy also contributed to the downward trend in oil prices. As of 0207 GMT, Brent crude futures for February saw a slight dip of 1 cent to $73.23 a barrel, while US West Texas Intermediate crude futures for January dropped 2 cents to $68.59 a barrel.