Oil falls in global market rout as OPEC+ leaders extend cuts
BNN Bloomberg
Oil was dragged lower by a selloff throughout global financial markets as Saudi Arabia reaffirmed it will continue output cuts until the end of the year.
West Texas Intermediate fell below US$89 a barrel. OPEC+'s Joint Ministerial Monitoring Committee convenes online later Wednesday, but Saudi Arabia and Russia announced plans to continue additional curbs until December.
In the U.S., meanwhile, the government will release figures on crude inventories against a backdrop of fast-declining holdings, including at the storage hub at Cushing, Oklahoma. Estimates from the industry-funded American Petroleum Institute released Tuesday showed a modest increase at the site last week, but a draw on a nationwide basis, according to people familiar with the figures. A key US pipeline has also seen lower flows this week.
