Oil prices fall after OPEC+ agrees to ease output curbs

      Published on Thursday, 16 July , 2020      2512 Views     
Oil prices fall after OPEC+ agrees to ease output curbs


Brent crude fell 35 cents, or 0.8%, to $43.44 a barrel by 0852 GMT while West Texas Intermediate (WTI) crude was down 49 cents, or 1.2%, to $40.47 per barrel.




Both contracts rose 2% the previous day after a sharp drop in U.S. crude inventories

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed on Wednesday to scale back oil production cuts from August.

They will reduce their cuts to 7.7 million barrels per day through December from the 9.7 million bpd cuts in place since May.

“Things are getting back to normal on the oil market,” said Norbert Rücker, head of economics research at Julius Baer.



 

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Category Gulf News | 2020/07/16 latest update at 7:37 PM
Source : gulftoday.ae | Photocredit : gulftoday.ae
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