Oil prices hit 10-month low on OPEC+ production boost report

Source: Reuters

“Oil prices dropped to their lowest since early January on Monday after the Wall Street Journal reported that Saudi Arabia and other OPEC oil producers are discussing an output increase. Brent crude futures for January had slipped $4.07, or 4.7%, to $83.55 a barrel by 1518 GMT. U.S. West Texas Intermediate (WTI) crude futures for December were down $4.02, or 5%, at $76.06 ahead of the contract’s expiry later on Monday. The more active January contract was down $3.82, or 4.8%, at $76.29. An increase of up to 500,000 barrels per day (bpd) will be discussed at the OPEC+ meeting on Dec. 4, The Wall Street Journal reported.” (11/21/22)