Oil price news: Oil declines for fourth day on OPEC+ intrigue and risk-off tone
BNN Bloomberg
Oil fell for a fourth day as traders looked ahead to this week's delayed OPEC+ meeting and wider financial markets carried a risk-off tone.
Global benchmark Brent dropped below US$80 a barrel after falling in each of the last five weeks, the longest such run since the end of 2021. Crude fell alongside equities as the week's trading kicked off, with data showing profits at China's industrial companies rose at a much slower pace in October, highlighting risks to growth in the world's largest crude importer.
The Organization of Petroleum Exporting Countries had to push back the critical gathering to decide on supply policy by four days to Nov. 30 amid a dispute over quotas. Signs of weakness in crude futures have traders and analysts expecting the group will take additional measures to tighten the market.
