Oil prices were lower following the move by OPEC, a signal that growth concerns have overwhelmed expectations for lower supply.
OPEC and other supply-cutting countries led by Russia on Tuesday finalized plans to prop up oil prices. The extended agreement to cut 1.2 million barrels per day through March 2020 was expected to at least temporarily support prices. Yet oil prices remained depressed following the announcement, signaling that concerns about a slowdown in growth have overwhelmed expectations for lower supply. Visit Markets Insider for more stories.
OPEC and other supply-cutting countries led by Russia on Tuesday finalized plans to prop up oil prices. The extended agreement to cut 1.2 million barrels per day through March 2020 was expected to at least temporarily support prices. Yet oil prices remained depressed following the announcement, signaling that concerns about a slowdown in growth have overwhelmed expectations for lower supply. Visit Markets Insider for more stories.
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