Oil resumes drop as traders weigh up latest gambit from OPEC+
BNN Bloomberg
Oil weakened after rallying more than two per cent Tuesday on Saudi Arabian and Russian production cuts.
Global benchmark Brent dropped back below US$76 a barrel following the gain in the previous low-volume session amid a U.S. holiday. The two OPEC+ linchpins announced their latest batch of curbs on Monday, with a supply-cut extension by Riyadh and a fresh pledge to reduce production from Moscow.
The UAE won't be joining voluntary oil cuts at this time, the country's energy minister said. Saudi Energy Minister Prince Abdulaziz bin Salman was due to address the 8th OPEC International Seminar in Vienna Wednesday.
Morgan Stanley cut its fourth-quarter forecast for Brent to US$70 a barrel from US$75 in a note published after the latest curbs were made public.
