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“U.S. crude oil tumbles below $75 a barrel after OPEC delays meeting”

“U.S. crude prices fell more than 4% Wednesday after the Organization of Petroleum Exporting Countries delayed a pivotal meeting on production cuts that was scheduled for the weekend.

The West Texas Intermediate contract for January dropped $3.27, or 4.2%, to $74.50 a barrel, while the Brent contract for January fell $3.32, or 4.03%, to $79.13 a barrel…”

https://www.cnbc.com/2023/11/22/us-crude-oil-tumbles-below-75-a-barrel-after-opec-delays-meeting.html

The price is falling because demand is falling. Artificial scarcity can only help so much.

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