Oil falls over $1 on demand fears, Saudi confirms cuts to year-end

Oil prices fell as Saudi Arabia and Russia pledged to continue crude output cuts until the end of 2023. However, demand concerns arising from macroeconomic headwinds offset these commitments. Brent crude oil futures dropped 1.66% to $89.41 a barrel, while US West Texas Intermediate crude fell by 1.78% to $87.64 per barrel. The OPEC+ Joint Ministerial Monitoring Committee decided to keep the group’s output policy unchanged during their online meeting. The next meeting is scheduled for November 26. Oil prices are also being affected by a strong US dollar and concerns about the subdued macro environment.