U.S. oil prices settle below $80 a barrel after OPEC+ stands pat on output increases

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Oil futures ended lower on Thursday, with U.S. prices settling below $80 a barrel for the first time since early October. Oil saw a volatile session, with prices seesawing between gains and losses in the wake of a decision by the Organization of the Petroleum Exporting Countries and their allies to stick to their current agreement, as expected, to raise monthly crude production by 400,000 barrels per day. While oil had initially rallied after the announcement, the “affirmation of expectations” met with short-term profit taking, said Rob Haworth, senior vice president at U.S. Bank Wealth Management. “A key question is when or if U.S. shale producers may alter strategies to expand output,” he said. December WTI oil CLZ21, -2.15% fell $2.05, or 2.5%, to settle at $78.81 a barrel on the New York Mercantile Exchange. Prices for the front-month contract settled at their lowest since Oct. 7, according to FactSet data.

This article was originally published by Marketwatch.com. Read the original article here.

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