Oil Prices Fall as Bearish Sentiment Builds

Oil prices are under pressure as bearish sentiment builds due to OPEC+ underwhelming the market with its commitment to extend its voluntary cuts to Q3 2024 and its base cuts until the end of 2025.- Combining an in-person meeting in Riyadh with a hybrid online option for smaller producers, OPEC+ has agreed to extend existing production cuts into next year, whilst also paving the way for a gradual unwinding of most curtailments.- The last round of voluntary production cuts agreed in November 2023 are set to be phased out over a 12-month period, lifting…