Brent Oil Drops 1.3% to $56.67 as OPEC+ Prepares to Hold Output Steady
Brent futures dropped 1.3% to $56.67, marking oil’s largest annual decline since 2020 as oversupply offset tensions in the Middle East and Ukraine. OPEC+ delegates say members will maintain output at Sunday’s meeting despite Saudi-UAE disputes, limiting near-term gains for the Brent oil ETF.
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