Oil prices edge lower after back-to-back gains as traders await OPEC+ meeting

Oil futures edged lower Tuesday after back-to-back gains as investors assessed the outlook for demand and prospects for deeper production cuts by OPEC+.

Price action

Market drivers

Crude futures were consolidating after bouncing off roughly four-month lows set last week, finding support following news reports that Saudi Arabia and other members of OPEC+ — made up of the Organization of the Petroleum Exporting Countries and its allies — were weighing further production cuts. OPEC+ oil ministers are set to meet…

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