WTI crude futures fell for the third consecutive session to $73.5 per barrel on Monday, approaching a four-month low of $73 hit on November 16 amid uncertainty over OPEC+ voluntary output cuts and a weakening global demand outlook. Last week, several OPEC+ members including Saudi Arabia, UAE, and Kuwait announced additional voluntary cuts to the total of 2.2 million barrels per day, but still some other members are to make their pledges. Also, it was announced that Brazil is set to join the alliance next year, planning to increase its output to 3.8 million barrels a day. Meanwhile, Baker Hughes data showed US oil rigs rose by 5 to 505 last week, their highest since September. On the demand side, weaker-than-expected manufacturing activity in the US and China stoked fears of softer energy demand in two of the world’s largest oil consumers. Still, traders remained concerned over the geopolitical situation in the Middle East as fighting intensified in Gaza over the weekend.
