Energy

OPEC+ oil deal sends prices lower, could be a buying opportunity

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Oil well pump jacks operated by Chevron Corp. in San Ardo, California, U.S., on Tuesday, April 27, 2021.

David Paul Morris | Bloomberg | Getty Images

Oil prices fell more than 2% on Monday afternoon during Asia hours after OPEC and its allies agreed to end oil production cuts.

Brent crude futures fell 2.13% to $72.02 per barrel, while U.S. crude futures fell 2.09% to $70.31 per barrel.

But having a deal is “better than no deal” for the Organization of the Petroleum Exporting Countries and its allies — known collectively as OPEC+, according to an oil analyst who said a continued stalemate could mean rising production and plunging prices.

“I think they decided that having a deal was better…



Source cnbc.com

OPEC, allies agree to boost supply, gradually end oil production cuts

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