Crude oil prices (CL=F, BZ=F) are falling after OPEC+ announced it will extend its oil production cuts into 2025. Traders widely expected this move, but some of those production cuts will begin to be phased out in the fall of 2024.

Yahoo Finance's Ines Ferré breaks down the OPEC+ decision and how it has started to affect gasoline prices.

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This post was written by Stephanie Mikulich and updated by Melanie Riehl