Crude oil prices experienced a notable decline on December 4, 2024, as market participants anticipated the upcoming OPEC+ meeting scheduled for December 5. The meeting is expected to address whether to extend production cuts into early 2025 amid ongoing concerns about weak global demand. This uncertainty has led to a retreat in oil prices, with Brent crude falling 1.81% to $72.31 per barrel and West Texas Intermediate dropping 2% to $68.54 per barrel. The market is also reacting to a larger-than-expected decline in U.S. oil inventories, which typically supports prices but is overshadowed by broader economic concerns, particularly in China, where transport fuel demand is declining.
The ProShares UltraShort Bloomberg Crude Oil ETF (SCO) closed at $18.23, marking a 2.99% increase for the day, with a further 0.16% rise after market hours.