Oil’s Losing Streak Grinds on as Post-OPEC+ Gloom Settles In
- Gain from Saudi comments on longer output curbs faded rapidly
- WTI settles near $73 after capping six-week run of losses
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Oil declined for the third straight session as persistent skepticism about the effectiveness of OPEC+ supply cuts overshadowed multiple bullish developments.
West Texas Intermediate slid 1.4% to settle near $73 a barrel, following a six-week run of losses. Prices briefly rose after Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg that the kingdom’s output curbs could “absolutely” continue past March, though the gain rapidly faded, highlighting the market’s pessimism.