US crude falls below $70 first time in 13 months

VIENNA: Eight members of the OPEC+ group of oil-producing nations agreed on Thursday to extend their voluntary supply cuts until the end of November, postponing a planned output increase amid falling crude prices.

Concerns about slowing demand in China and the United States have weighed on oil prices recently, with benchmark West Texas Intermediate plunging below $70 a barrel for the first time in 13 months.

The eight OPEC+ nations are Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. Their voluntary supply cuts of 2.2 million barrels per day (bpd) will be extended “for two months until the end of November 2024”, the alliance said in a statement.