Pronounced decline in black gold to start the week – 11/25/2024 at 5:38 p.m.

(AOF) – Oil prices are falling sharply at the start of the week. This Monday, around 5:15 p.m., the barrel of Brent declined by 2.63% to $73.19 like its American counterpart, WTI: -2.62% to $69.36. They are weakened by a Reuters report that the Israeli security council will meet on Tuesday to approve a deal on a cease-fire in Lebanon, an Israeli official told the news agency on Monday.

This drop also comes as the meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will be held next Sunday in Vienna. In early November, eight members of the organization, including Saudi Arabia and Russia, announced an extension of their oil production cuts until the end of December.

“The price of a barrel has rarely been subject to such contradictory injunctions. This unprecedented configuration has caused its volatility to skyrocket, making the equilibrium price of black gold even more unstable than usual,” supports DNCA Finance.