More than 2% decline in oil prices is caused by investors' skepticism about OPEC+ measures.
Source reuters.com More than 2% decline in oil prices is caused by investors' skepticism about OPEC+ measures. December 1, New York (Reuters) - Due to market doubts regarding the extent of OPEC+ production cutbacks and worries about the slowdown in global manufacturing, oil prices fell by more than 2% on Friday. At $78.88 a barrel, Brent crude futures for February ended the day down $1.98, or 2.45%. West Texas Intermediate (WTI) oil futures for the United States fell $1.89, or 2.49%, to $74.07 per barrel. Brent saw a weekly loss of roughly 2.1%, while WTI saw a loss of more than 1.9%. On Thursday, members of OPEC+ reached a decision to withdraw almost 2.2 million barrels per day (bpd) of oil from the world market in the first quarter of 2019. This amount includes the rollover of Saudi Arabia's and Russia's present voluntary cuts of 1.3 million bpd. The announcement was met with some suspicion by traders, according to Craig Erlam, analyst at OANDA. "(It) seems traders