00:00It's Benzinga bringing Wall Street to Main Street.
00:02OPEC and its allies agreed to a restrained oil output increase of 137,000 barrels per day for
00:07November, matching October's hike, according to the Wall Street Journal, who reflects a cautious
00:12approach to stabilize prices after traders anticipated a larger boost. Hurtell aims to
00:16reclaim market share from U.S. shale and other rivals, force quota discipline among members,
00:21and deliver lower prices favored by Trump. Analysts said the decision shows OPEC's awareness
00:26of market jitters, as oil prices remain between $65 and $70 per barrel. Red Crude and WTI have
00:32fallen over 13% this year, mid-rising supply and global glut fares. OPEC cut output in 2023
00:38to stabilize prices, but reversed course in April after U.S. criticism that its actions aided Russia.
00:44For all things money, visit Benzinga.com.
Comments