Crude oil prices (CL=F, BZ=F) take a dip further following the OPEC+ decision to extend production cuts into 2025 while easing voluntary cuts for its member countries.

CIBC Private Wealth US Senior Energy Trader Rebecca Babin likens the oil market to an over-expectant party host: "They [the market] wanted those cuts extended into the end of 2024, and we didn't get the gift. And the market's disappointed. So that was the first kind of reaction lower that we saw on Sunday night into Monday."

Babin goes on to describe oil futures' reactions to softening manufacturing data from the ISM.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Luke Carberry Mogan.