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Oil Closes at Lowest Level in Week

M. Ali 2 December, 2020 2:06 am Commodities, Market Update

Oil prices fell on Tuesday to their lowest level in about a week, after the OPEC+ alliance delayed its decision regarding output cuts, in a move that was somehow expected.

Brent crude futures for February delivery fell by 46 cents, or 1%, at $47.42 per barrel.

West Texas Intermediate (WTI) crude futures for January delivery declined by 79 cents, or 1.7%, to settle at $44.55 per barrel.

This is the lowest closing level for both contracts since November 23.

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