Oil prices plunged 4 percent on Wednesday, Nov. 22, after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) unexpectedly postponed a policy meeting on production scheduled for Sunday, raising questions about the future course of crude production cuts. OPEC+ will now hold its ministerial meeting on November 30, instead of November 26 as previously planned.
Brent crude futures were down $3.39, or 4.1 percent, at $79.06 a barrel. U.S. West Texas Intermediate (WTI) crude futures were down $3.26, or 4.2 percent, at $74.51. At home, on the Multi Commodity Exchange (MCX), oil futures ahead of December 18 expiration last traded 4.22 percent lower at ₹6,195 per bbl, having swung between ₹6,170 and ₹6,506 per bbl during the session so far, against a previous close of ₹6,468 per barrel.
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Updated: 22 Nov 2023, 21:17 IST