Oil Declines as Traders Wrestle With Chance of OPEC+ Output Cuts
- Saudi Arabia asking others in coalition to reduce quotas
- WTI settles near $75, extending losses for a third day
This article is for subscribers only.
Oil declined for a third day as oversupply signals outweighed hopes that OPEC and its allies will deepen production cuts on Thursday.
US benchmark West Texas Intermediate settled below $75 after a choppy session that saw prices whipsaw between gains and losses. While oil earlier rallied on news that Saudi Arabia is asking others in the OPEC+ coalition to reduce their oil-output quotas, the oil market continues to flash signs of oversupply.