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U.S. Crude Slides Below $70 Despite OPEC+ Cuts - The Wall Street Journal

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U.S. Crude Slides Below $70 Despite OPEC+ Cuts

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Stock Market News, Dec. 6, 2023: U.S. Indexes Finish Lower after Late Reverse

Benchmark yields slip; Benchmark U.S. crude drops below $70 a barrel

Last Updated:
Dec. 6, 2023 at 4:41 PM EST Live Coverage Feed

Updated 3 hours ago

A horizontal drilling rig in the Permian Basin near Midland, Texas. (NICK OXFORD/REUTERS)

OPEC+ wants to prop up oil prices heading into 2024. It will have to go through an old adversary: the American shale patch.

Benchmark U.S. crude slid Wednesday to $69.38 a barrel after federal record keepers said that fuel refiners and retailers are holding more gasoline and diesel in storage than a week ago. That was its lowest closing price since June 27, days before de facto OPEC+ leader Saudi Arabia began a unilateral cut of 1 million barrels a day.

A big part of the decline: U.S. crude output has set records despite more disciplined drilling investments. That has ramped up pressure on OPEC+, a union of Saudi-led OPEC and Russian-led allies that came together in part to counter the shale boom.

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