OPEC+ is holding steady on its strategy to reduce oil production. In turn, crude oil prices have fallen below $90, their lowest level in over a month. Yahoo Finance Live analyzes the price action surrounding the energy commodity. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Despite concerns about declining productivity, the Permian shale basin still has substantial oil reserves for output growth in the coming years.
Crude prices fell almost 6% on Wednesday for the biggest one-day sell-off since September 2022. The plunge came after a rally that began in June, founded more on OPEC production maneuvers designed to create maximum fear about short supply than demand sustained by global economic soundness. Crude prices ultimately rose almost 30% for the third quarter.