{"id":89591,"date":"2024-02-03T05:15:49","date_gmt":"2024-02-03T10:15:49","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=89591"},"modified":"2024-02-03T05:15:53","modified_gmt":"2024-02-03T10:15:53","slug":"oil-prices-settle-lower-as-opec-voluntary-cut-agreements-underwhelm","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89591","title":{"rendered":"Oil prices settle lower as OPEC+ voluntary cut agreements underwhelm"},"content":{"rendered":"
\n

Investing.com — Oil prices settled lower Thursday as OPEC+ members agreed to make additional voluntary production cuts that fell short of estimates amid signs of ongoing divisions among members for deeper production cuts.<\/p>\n

By 14:30 ET (19:30 GMT), settled 2.4% lower at $75.96 a barrel and the contract fell 0.3% at $82.83 a barrel.<\/p>\n

OPEC+ production cut agreements underwhelm<\/h2>\n

Excluding Saudi and Russian production cuts, OPEC+ members plan to make additional voluntary production cuts, totalling about 684,000 barrels per day, which fell short of expectations for cuts of about 1 million barrels. <\/p>\n

In unusual move that points to signs of potential divisions in the group, the plans for voluntary cuts were announced by individual OPEC+ members that than the secretariat.<\/p>\n

Saudi Arabia pledged to extend its voluntary cut of 1 million barrels per day until the end of Q1, while Russia said it would deepen its crude export curbs to 500,000 bpd from 300,000 bpd previously. <\/p>\n

Dollar rebound to keep lid on oil prices despite ongoing slowdown in inflation<\/h2>\n

The jumped on Thursday, keeping a lid on oil prices even as data showed that inflation continued to slow October.<\/p>\n

The October personal consumption expenditures price index,, slowed to a 0% pace, compared with forecasts for a 0.1% rise, from a 0.4% pace last month, taking the annualized figure to 3.4%, down from 3.7% the prior month. <\/p>\n

As oil is priced in dollars, a stronger greenback makes the commodity less attractive to foreign buyers. <\/p>\n

Bearish U.S. inventories continue to weigh<\/h2>\n

The bearish report from the Energy Information Administration, meanwhile, also continued to weigh on sentiment as U.S. crude inventories rise by an unexpected 1.6 million barrels in the week to Nov. 24, confounding expectations for a small draw.<\/p>\n

The unexpected build in supplies comes as signs of continued economic decline China spurred concerns about the demand outlook. The country built up a large level of stockpiles this year, which could reduce its appetite for crude imports going into 2024.<\/p>\n

(Peter Nurse and Ambar Warrick contributed to this report)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Oil prices settled lower Thursday as OPEC+ members agreed to make additional voluntary production cuts that fell short of estimates amid signs of ongoing divisions among members for deeper production cuts. By 14:30 ET (19:30 GMT), settled 2.4% lower at $75.96 a barrel and the contract fell 0.3% at $82.83 a barrel. OPEC+ […]<\/p>\n","protected":false},"author":1,"featured_media":89592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-89591","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil prices settle lower as OPEC+ voluntary cut agreements underwhelm | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Oil prices settled lower Thursday as OPEC+ members agreed to make additional voluntary production cuts that fell short of estimates amid\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=89591\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices settle lower as OPEC+ voluntary cut agreements underwhelm | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com -- Oil prices settled lower Thursday as OPEC+ members agreed to make additional voluntary production cuts that fell short of estimates amid\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=89591\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-03T10:15:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-03T10:15:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2024\/02\/LYNXNPEC9A00O_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=89591#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=89591\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Oil prices settle lower as OPEC+ voluntary cut agreements underwhelm\",\"datePublished\":\"2024-02-03T10:15:49+00:00\",\"dateModified\":\"2024-02-03T10:15:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=89591\"},\"wordCount\":336,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=89591#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=89591\",\"url\":\"https:\/\/ifintechworld.com\/?p=89591\",\"name\":\"Oil prices settle lower as OPEC+ voluntary cut agreements underwhelm | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2024-02-03T10:15:49+00:00\",\"dateModified\":\"2024-02-03T10:15:53+00:00\",\"description\":\"Investing.com -- Oil prices settled lower Thursday as OPEC+ members agreed to make additional voluntary production cuts that fell short of estimates amid\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=89591#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=89591\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=89591#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil prices settle lower as OPEC+ voluntary cut agreements underwhelm\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil prices settle lower as OPEC+ voluntary cut agreements underwhelm | iFintechWorld","description":"Investing.com -- Oil prices settled lower Thursday as OPEC+ members agreed to make additional voluntary production cuts that fell short of estimates amid","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=89591","og_locale":"en_US","og_type":"article","og_title":"Oil prices settle lower as OPEC+ voluntary cut agreements underwhelm | iFintechWorld","og_description":"Investing.com -- Oil prices settled lower Thursday as OPEC+ members agreed to make additional voluntary production cuts that fell short of estimates amid","og_url":"https:\/\/ifintechworld.com\/?p=89591","og_site_name":"iFintechWorld","article_published_time":"2024-02-03T10:15:49+00:00","article_modified_time":"2024-02-03T10:15:53+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2024\/02\/LYNXNPEC9A00O_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=89591#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=89591"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Oil prices settle lower as OPEC+ voluntary cut agreements underwhelm","datePublished":"2024-02-03T10:15:49+00:00","dateModified":"2024-02-03T10:15:53+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=89591"},"wordCount":336,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=89591#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=89591","url":"https:\/\/ifintechworld.com\/?p=89591","name":"Oil prices settle lower as OPEC+ voluntary cut agreements underwhelm | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2024-02-03T10:15:49+00:00","dateModified":"2024-02-03T10:15:53+00:00","description":"Investing.com -- Oil prices settled lower Thursday as OPEC+ members agreed to make additional voluntary production cuts that fell short of estimates amid","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=89591#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=89591"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=89591#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Oil prices settle lower as OPEC+ voluntary cut agreements underwhelm"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/89591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=89591"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/89591\/revisions"}],"predecessor-version":[{"id":89593,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/89591\/revisions\/89593"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/89592"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=89591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=89591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=89591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}