Oil prices retreat as OPEC+ production decisions fail to ease concerns over excess global supply.
West Texas Intermediate crude fell to $68.30, down 0.64% on Monday, as oversupply worries offset recent price gains. Investors remain cautious despite OPEC+ output adjustments, focusing on persistent inventory builds and weaker demand forecasts.
The decline follows last week’s OPEC+ meeting, where production cuts were extended but failed to reassure markets. Analysts had expected a more aggressive reduction to counter rising non-OPEC output, particularly from the U.S. and Brazil. WTI traded near $70 last Friday before retreating.
No immediate market reaction was reported beyond the price drop, though futures volumes remained elevated.