0928 GMT - Oil prices slide, with Brent crude and WTI both down 0.1% at $74.01 a barrel and $70.35 a barrel, respectively. Oil is under increasing downward pressure as sentiment sours, ING analysts say in a note. Friday saw a sharp selloff as investors cut positions in Brent, with trade and tariff concerns, alongside a push for a peace deal between Russia and Ukraine weighing on the market, ING analysts say. There is also intensifying speculation about OPEC+ production. The group is currently cutting supply by 2.2 million barrels a day and is scheduled to hike output from April, though there are suggestions OPEC+ is considering a delay, ING says. Any such delay would lead to a change in oil balance, leaving the market relatively tighter than expected, ING adds. (joseph.hoppe@wsj.com)
(END) Dow Jones Newswires
February 24, 2025 04:29 ET (09:29 GMT)
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