Global markets mixed as oil prices slump on OPEC+ plans to unwind cuts

Oil Price Berita

Global markets mixed as oil prices slump on OPEC+ plans to unwind cuts
OpecOil Production
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NEW YORK - Global markets finished mixed on Monday, as traders on Wall Street attempted to look beyond weaker than expected manufacturing data, and markets reacted to falling oil price s.The commodity dropped following an announcement by the OPEC + group of major crude producers that they plan to start unwinding output cuts later this year.In New York, the Dow Jones Industrial Average retreated 0.3 percent, while the broad-based S&P 500 edged up by 0.1 percent.

"Opec+ surprised the market when it announced its decision on production quotas on Sunday," said XTB analyst Kathleen Brooks."While it will extend cuts for some key Opec members like Saudi Arabia and Russia well into 2025, it will also start to roll back some measures as soon as October, which is earlier than the market had expected," she added.

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