Underscoring the weakness were speculators starting 2024 by making one of their biggest bearish shifts on oil prices in years. — Bloomberg
NEW YORK: Oil held the largest drop in about a month on signs of a weaker physical market, including a deep pricing cut by the Organisation of the Petroleum Exporting Countries’ (Opec) leader Saudi Arabia.
Global benchmark Brent traded above US$76 a barrel after tumbling by 3.4% on Monday to unwind all of the previous week’s gains, with US marker West Texas Intermediate (WTI) near US$71.
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