U.S. crude drops below $70 per barrel, gas prices fall to 11-month low
Publishing timestamp: 2023-12-06 12:10:45
Summary
U.S. crude prices declined nearly 4% and retail gasoline prices hit their lowest point since January. Despite efforts by OPEC+ to boost prices, oil prices have been on a downward trajectory due to increased crude production and concerns about the Chinese economy. Falling inventories and rising gasoline deliveries suggest higher demand, but pessimism about the economic outlook in China and skepticism about OPEC+ delivering on supply cuts have weighed on crude prices.
Sentiment: NEGATIVE
Keywords: biotech and pharmaceuticals, wti crude (mar'23), oil and gas, breaking news: business, politics, u.s. economy, biotechnology, ice brent crude (apr'23), health care industry, business, business news, breaking news: markets, markets,