Oil Set for First Quarterly Drop Since 2020 as Macro Mood Sours

Bloomberg2022-09-30

(Bloomberg) -- Oil headed for its first quarterly loss in more than two years as escalating fears over a global economic slowdown and a stronger dollar overshadowed the prospect for tightening supply....

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Comments

  • Yannyz
    2022-10-01
    Yannyz
    Ok
  • PearlynCSY
    2022-10-01
    PearlynCSY
    Oil heads for weekly gain as OPEC+ considers output cut. Oil prices were on track for their first weekly gain in five on Friday, underpinned by a weaker dollar and the possibility that OPEC+ will agree to cut crude output when it meets on Oct. 5. Brent crude futures for November, which expire on Friday, fell 0.3%, to $88.20 per barrel. The more active December contract was down at $86.91. U.S. West Texas Intermediate (WTI) crude futures declined to trade at $80.72 per barrel. Both contracts rose by more than $1 earlier in the session but pared gains on news that OPEC+ narrowed the amount by which it was considering cutting output to between 500,000 and 1 million barrels per day (bpd), OPEC+ sources told Reuters. An OPEC source put the likely figure closer to 500,000 bpd. ear
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