“U.S. crude oil tumbles below $75 a barrel after OPEC delays meeting”
November 22, 2023
“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…”
The price is falling because demand is falling. Artificial scarcity can only help so much.