Oil prices are falling as OPEC+ induced concerns fade – Trading Economics
WTI oil futures fell below $72/barrel, erasing all the gains achieved during the previous session on Monday
Analysts suggest that new reductions may not have a significant impact, as production levels in other OPEC+ member countries, including russia, Nigeria, and Angola, remain high.
This is reported by Trading Economics.
It's noted that russia has not committed to any further production cuts, while the United Arab Emirates has been allowed to increase planned production levels for the next year.
"From the demand side, investors continued to evaluate the prospects of economic and monetary policies globally amid growing expectations of further interest rate hikes by the US Federal Reserve System," writes the publication.
Background. Earlier, Mind reported that oil prices were rising after Saudi Arabia promised to cut production by a million barrels at an OPEC+ meeting.