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Latest Oil Prices, Market News and Analysis for Nov. 7 - Bloomberg

Bloomberg · last updated

Latest Oil Prices, Market News and Analysis for Nov. 7 - Bloomberg

Oil Falls as Shaky Demand Outweighs Saudi, Russian Supply Cuts

- Fresh doubts emerge over whether Fed has finished tightening
- Brent futures slip below $85 after rising 0.3% on Monday

Oil declined as an uncertain demand outlook and fresh doubts on whether the Federal Reserve has finished tightening outweighed Saudi Arabia and Russia’s extension of supply cuts.

Global benchmark Brent slipped below $85 a barrel, while West Texas Intermediate was near $80. The OPEC+ heavyweights announced over the weekend they would prolong curbs of more than 1 million barrels a day through year-end. Broader financial markets dropped and the dollar strengthened after a Fed official said it’s too soon to declare victory over inflation.

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Oil Falls as Shaky Demand Outweighs Saudi, Russian Supply Cuts

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