An oil pumpjack stands idle near homes on February 09, 2023 in Long Beach, California. Mario Tama | Getty Images
U.S. crude prices fell more than 4% after the Organization of Petroleum Exporting Countries delayed a pivotal meeting that was scheduled for the weekend.
The West Texas Intermediate contract for January dropped $3.27, or 4.2%, to $74.50 a barrel, while the Brent contract for January fell $3.32, or 4.03%, to $79.13 a barrel.
OPEC said in a statement Wednesday that the meeting of energy ministers is delayed until next Thursday.
There was growing anticipation among traders this week that OPEC and its allies might implement additional production cuts, as oil has fallen precipitously from September highs amid record non OPEC production and demand concerns in China.
This is a developing story. Please check back for updates.
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