Futures Movers: Oil prices edge lower after 3-day losing streak

Oil futures on Tuesday threatened to extend their losing streak to a fourth session, extending a decline attributed in part to skepticism over the ability of OPEC+ to deliver on additional production cuts early next year.

Price action

• West Texas Intermediate crude for January delivery
  CL00,
  +0.18%

  CL.1,
  +0.18%

  CLF24,
  +0.18%
  was off 9 cents, or 0.1%, at $72.95 a barrel on the New York Mercantile Exchange.

• February Brent crude
  BRN00,
  +0.10%

  BRNG24,
  +0.10%,
  the global benchmark, was off 16 cents, or 0.2%, at $77.87 a barrel on ICE Futures Europe.

Market drivers

Crude prices ended last week with back-to-back losses after OPEC+ producers on Thursday agreed to voluntarily cut around 2.2 million barrels a day (mbd) of crude from the market in the first quarter of next year, a figure that included a widely expected extension of Saudi Arabia’s 1 mbd voluntary output cut and Russia’s 300,000 barrel a day cut to crude exports.