Warm Winter Weather Dips Oil Prices Despite OPEC+ Cut Extension Oil prices experienced a slight decline on Monday, despite OPEC+ announcing an extension of its voluntary output cuts through the middle of the year. This decision, aimed at stabilizing the market amidst global economic uncertainties and increased production outside the OPEC+ group, did not offset the dampening effects of warm winter weather on demand. Brent futures dropped 81 cents to $82.74 a barrel, and U.S. West Texas Intermediate (WTI) decreased by $1.20 to $78.77 a barrel, despite both experiencing gains in the previous week. The continuation of the 2.2 million barrels per day cuts by OPEC+ reflects the complex interplay between production decisions and fluctuating demand factors in the global oil market. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Japan raises interest rates for first time in 17 years READ MORE 100,000,000+ Ounces of Digital Silver Traded in 1-Hour READ MORE Oil Prices Spike as US Inflation Concerns Ease and Geopolitical Tensions Rise READ MORE Fed's Inflation Blunder Sets Stage for Looming US Recession, Says Top Economist READ MORE Consumer Confidence Dips: Retail Sales See Unexpected Decline in January READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment