Oil prices tumbled 4% after OPEC+ unexpectedly delayed its output policy meeting to November 30. Brent crude hit $79/bbl. This sudden postponement raised uncertainty about future crude production cuts.
Brent crude futures dropped 4.1%, reaching $79.06 a barrel, and US WTI crude futures fell 4.2% to $74.51. The decline may impact India's inflation positively.
The unexpected delay in the OPEC+ meeting comes amid speculation that cuts to oil supply could extend into 2024. Global oil markets face concerns about rising supplies and potential economic slowdown, contributing to the recent decline in oil prices.