Oil prices have fallen to their lowest level in five months as investors grow increasingly sceptical that production cuts announced by Opec+ last week will be enough to offset rising supply from countries outside the cartel and waning global demand.
Brent, the international crude oil benchmark, fell 3.7 per cent to $74.35 a barrel on Wednesday, the lowest level since early July. The US benchmark, West Texas Intermediate, dropped 4.1 per cent to $69.33 a barrel.
The declines mark a five-day losing streak for global crude prices, despite Saudi Arabia and Russia leading the Opec+ cartel last week in extending existing voluntary cuts and adding new reductions from other members in an attempt to bolster the market.
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