Wall Street Shrugs Off Latest OPEC+ Oil Cuts - The Wall Street Journal
Wall Street Shrugs Off Latest OPEC+ Oil Cuts - WSJ
Updated Dec. 1, 2023 3:15 pm ET
Members of the oil-producers group known as OPEC+ have tried to push crude prices upward with unexpected supply cuts since last year. Wall Street isn’t yet convinced that will pan out.
On Thursday, a million barrel-a-day pullback surprised a market that had largely anticipated that the cartel and its allies would hold output steady. Crude prices seesawed after the announcement, ultimately slipping to their sixth-straight weekly drop, suggesting many traders were unsure if it was the surprise they wanted.
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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.