COMMODITY
Crude oil futures settle sharply lower amid oversupply concerns
Sep-04-2025

Crude oil futures settled sharply lower on Wednesday amid increasing concerns of oversupply due to reported plans by OPEC+ to boost output, which will be decided at their upcoming meeting on September 7. The OPEC+ alliance is in the process of reclaiming market share. The alliance, which pumps about half of the world's oil needs, has already reversed output cuts from April.

Benchmark crude oil futures for October declined $1.62 or 2.47% at $63.97 a barrel on the New York Mercantile Exchange. Brent crude for November delivery decreased $1.54 or 2.23% to settle at $67.60 a barrel on London's Intercontinental Exchange.


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