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Oil prices decline for third-straight month, OPEC+ cuts outlook for 2022 and 2023

Markets reporter Ines Ferre examines the latest price action surrounding crude oil commodities in the energy market.

Video Transcript

[AUDIO LOGO]

INES FERRÉ: And Seana, oil closed lower today. And on our YFi Interactive board, you can take a look at WTI down 2 and 1/2%. You've got Brent Crude that's down more than 2%. Oil ending August in a third straight month of declines. It's the longest streak of monthly losses in more than two years.

Brent down about 12% for the month. And if you take a look at WTI, it's down about 9% for the month. Now, a lot of the action that we saw with oil this month had to do with recession fears with China, on and off lockdowns, you had the Strategic Petroleum Reserves which were also released, which will be-- and that will be ending this fall.

So a lot of action, a lot of also low liquidity, which has really made these price swings quite severe. Taking a look at the price action today. We did see today that oil was down.

You had OPEC+ which revised its outlook for 2022 and 2023, tightening the oil market outlook as far as cutting its estimate for output for 2022-- or surplus for 2022 by about half. Also OPEC+ flipping its outlook for 2023 from a surplus to a deficit, simply because some of the member states just can't output their targets.