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However, the situation recovered in the afternoon after OPEC postponed its next meeting. West Texas Intermediate (CL=F) futures fell less than 1% to $77 a barrel.

Yahoo Finance Inc. said:

OPEC+, the world's biggest oil producer led by Saudi Arabia, announced it would postpone next month's meeting until Nov. 30, amid uncertainty over the group's plans to cut production.

"[OPEC] likes to reach agreements before they meet," Ed Hurst, a senior researcher at the University of Houston, told Yahoo Finance on Wednesday morning.

The announced delay may be an indication that member states are not on the same page regarding next steps.

Stuart Glickman, energy equity analyst at CFRA Research, told Yahoo Finance on Wednesday of the delay: "It means that everybody around the world is having a hard time getting used to the idea of ​​cuts."

Saudi Arabia, which is unilaterally cutting 1 million barrels a day later this year, is pushing for smaller OPEC+ members to participate more in the cuts.

The goal of this year's cuts is to reduce global supply and keep oil prices below 20% of the 2022 average oil price.

"We see an opportunity to deepen the group, but expect Saudi Arabia to seek additional barrels from other members to share the adjustment burden," wrote Helima Croft, head of global commodity strategy at RBC Capital. On this week's note.

Market fundamentals could contribute to unease among OPEC+ members after the group released its oil market outlook this week. Data from major financial traders reviewed by Reuters showed that the latest sell-off in November was driven by weak sentiment in oil producers and airlines.

According to the University of Houston Hearst, "A price increase during times of smooth demand may further reduce demand, but lower prices."

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