Mexican Media Brands
Oil Prices Sag Despite Production Cut Extension
Oil futures dropped 5% on Thursday, signaling trader skepticism about the impact of an OPEC-led plan to continue production cuts for another nine months.
#economics
Share
Oil futures dropped 5% on Thursday, signaling trader skepticism about the impact of an OPEC-led plan to continue production cuts for another nine months.
The U.S. benchmark, West Texas Intermediate, fell $2.58 to close at $48.78 per barrel. Brent crude, the international standard, lost $2.60 to close at $51.36.
The decline followed Thursday's decision by the 13 members of the Organization of the Petroleum Exporting Countries and 11 other oil-producing nations, to maintain a cutback of 1.8 million barrels per day that began in January.
Analysts opine that traders were hoping for deeper cuts that would drain the global oil glut more quickly. But OPEC, led by Saudi Arabia, has struggled all year to coax participating countries into honoring their pledges to the original reductions, which equal about 2% of global petroleum production.
RELATED CONTENT
-
On Urban Transport, the Jeep Grand Wagoneer, Lamborghini and more
Why electric pods may be the future of urban transport, the amazing Jeep Grand Wagoneer, Lamborghini is a green pioneer, LMC on capacity utilization, an aluminum study gives the nod to. . .aluminum, and why McLaren is working with TUMI.
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.