London CNN —Oil prices tumbled more than 4% Wednesday after a group of the biggest oil producing nations said they would delay a meeting, originally scheduled for Sunday, that was expected to discuss making further cuts to global supply.
Brent crude, the global benchmark, and West Texas Intermediate (WTI) crude, the US benchmark, both fell over 4% late morning ET.
Likewise, earlier on Wednesday, Bloomberg reported that Saudi officials were unhappy with some OPEC members’ levels of output.
Both Brent and WTI prices have fallen for four consecutive weeks, pressured by record crude oil production in the United States and worries about waning global demand, particularly in China, the world’s biggest oil importer.
Rystad still expects OPEC+ to reach an agreement at the meeting on November 30, but the process will likely be “challenging,” he added.
Persons:
Brent, ” Craig Erlam, WTI, Jorge León, León
Organizations:
London CNN, Brent, West Texas, AAA, of, Petroleum, Bloomberg, Saudi, OANDA, OPEC, Rystad Energy
Locations:
OPEC, United States, China, Saudi Arabia, Russia, Nigeria