By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: OPEC+ plans to decrease production leading to drop in oil prices – News
Share
Notification Show More
Latest News
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > OPEC+ plans to decrease production leading to drop in oil prices – News
Business

OPEC+ plans to decrease production leading to drop in oil prices – News

News Room
Last updated: 2024/06/04 at 12:57 PM
News Room
Share
4 Min Read
SHARE

Oil prices experienced a decline on Monday as the Opec+ group announced plans to gradually increase output cuts later in the year. The decision made by major crude producers signalled to investors a shift in the market dynamics, causing concerns over demand in the face of economic uncertainties in China and a rise in US stockpiles. Joshua Mahony, chief market analyst at Scope Markets, commented on the deal suggesting that it aims to stabilize energy prices from rising sharply in the near future.

The international benchmark, Brent, fell more than two per cent to below $80 per barrel for the first time since February, while the US contract, West Texas Intermediate, dropped 2.5 per cent to $75.06 per barrel. The unexpected announcement by Opec+ regarding production quotas led to market surprise, as key Opec members like Saudi Arabia and Russia agreed to extend cuts until 2025 but also begin rolling back measures as early as October, earlier than anticipated by the market. In addition, European natural gas prices surged over 10% due to the temporary closure of a vital pipeline that links Norway with Britain, causing concerns in the energy market.

Despite the decline in oil prices, stock markets mostly rose on Monday, driven by renewed hopes for US interest-rate cuts. European indexes were broadly higher, and Wall Street saw gains at the open, except for the Dow, which maintained stability after leading a late-session rally on Friday. In Asia, Mumbai experienced strong gains due to expectations that Prime Minister Narendra Modi would secure a third term, potentially leading to further economy-boosting measures. The pre-weekend news of a slowdown in the personal consumption expenditures index in April provided a boost to investor sentiment after a week of equity weakness.

Market analysts like David Morrison, senior analyst at Trade Nation, noted that despite some rocky sessions and sharp sell-offs, the month of May was strongly positive for stocks. The easing of US Treasury yields reflected expectations that official rates would be heading lower later in the year. Attention now turns to the release of US jobs data on Friday, as Fed officials are monitoring signs of improvement in the job market to justify looser monetary policy. Swissquote analyst Ipek Ozkardeskaya highlighted the potential for Federal Reserve rate cuts this year to improve investor sentiment, while the European Central Bank is expected to begin cutting rates at its meeting on Thursday, leading the way in easing monetary policy compared to the US Federal Reserve.

As Asian investors started June on a positive note, Hong Kong surged higher thanks to a boost in Chinese tech firms, while Tokyo, Sydney, and Seoul also posted gains. Nevertheless, Shanghai experienced a slight dip in its market performance. The overall market scenario reflects a delicate balance between economic uncertainties, geopolitical factors, and monetary policy decisions that are influencing investors’ sentiment and market trends. It remains to be seen how these factors will continue to impact oil prices, stock markets, and global economic stability in the coming months.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room June 4, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Three major family attractions in Dubai are closing for summer 2024.
Next Article Varun Dhawan presents ‘Baby Dhawan’ to the world – News
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE May 27, 2025
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle May 23, 2025
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World May 22, 2025
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto May 22, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessGulfUAE

Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World

May 10, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
Business

NTT DATA Business Solutions Expands Presence in UAE with Stronger Regional Leadership

March 28, 2025

Sustainable Moving Services: How Dubai’s Moving Companies Are Going Green

February 20, 2025
Tech

CNTXT and Oracle Strengthen AI Collaboration to Drive Innovation

February 14, 2025
Business

Smpl Fund I Invests $250,000 in Qora71, Supporting AI and Tech Entrepreneurs in MENA

February 4, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?