Latest Oil Market News and Analysis for Dec. 4 - Bloomberg
Latest Oil Market News and Analysis for Dec. 4 - Bloomberg
Oil Turns Lower as Market Fails to Shake Off Post OPEC+ Gloom
- Supply concerns offset lift from rates, sanctions speculation
- Brent declines toward $79 after capping six-week run of losses
Oil fell — after failing to hold an early gain — amid sustained skepticism that the latest supply cuts by OPEC+ will turn the market’s tide.
Global benchmark Brent sank toward $78 a barrel after a six-week losing run, while West Texas Intermediate was below $74. The drop came despite speculation that the US Federal Reserve is done raising interest rates and the possibility US sanctions on Venezuelan supply could be re-tightened.
Have a confidential tip for our reporters? Get in Touch
Before it’s here, it’s on the Bloomberg Terminal
LEARN MORE
Up Next
Oil Turns Lower as Market Fails to Shake Off Post OPEC+ Gloom
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.