The price of WTI crude oil futures are settling at $74.86 down $0.68 or -0.90%.
The high price for the day reached $76.18 the low price reached $74.11. Prices have been lower for 4 consecutive days. The softer U.S. Dollar provided support to the oil market, balancing the impact of the extended ceasefire between Israel and Hamas. The market's anticipation of the upcoming OPEC+ meeting, where members are expected to discuss deepening and extending production cuts despite earlier internal disputes, also influenced prices. Adding to the day's volatility were reports that Saudi Arabia is advocating for OPEC+ quota cuts, facing resistance from some members, and as of Monday, no agreement had been clinched. This ongoing uncertainty within OPEC+ contributed to the day's price movements.
