Oil Drops 3% Despite OPEC+ Extending Production Cut Deal

Oil prices fell more than 3% on Tuesday, even after OPEC and allies including Russia agreed to extend supply cuts until next March, as weak manufacturing data had investors worried that a slowing global economy could dent oil demand.

Brent crude LCOc1 futures fell $2.12, or 3.3%, to $62.94 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell $2.20, or 3.7%, to $56.89 a barrel, after touching their highest in more than five weeks on Monday.

The Organization of the Petroleum Exporting Countries and other producers such as Russia, a group known as OPEC+, agreed on Tuesday to extend oil supply cuts until March 2020 as members overcame differences to try to prop up prices.

via Reuters

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