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Oil prices tumbled on Thursday despite an announcement from OPEC+ that members have agreed to voluntarily cut outputs for the first quarter of 2024.
The group announced that since all the cuts agreed to were voluntary, they would be announced by the individual member states. From January, Brazil is set to join the OPEC+ group.
West Texas Intermediate Crude oil futures ended lower by $1.90 or about 2.4% at $75.96 a barrel.
Brent crude futures were down $1.97 or about 2.4% at $80.91 a barrel a little while ago.
Oil prices dropped as the quantum of output cuts announced by the group fell short of expectations.
Also, there are concerns that OPEC+ might find it tough to follow through and reduce output, as the cuts are voluntary and not mandatory.
Recent data from the Energy Information Administration (EIA) showing an increase in crude inventories in the U.S. weighed as well on oil prices.
The EIA data showed an increase of 1.61 million barrels in crude oil inventories last week, as against expectations for a drop of 0.93 million barrels.
