Oil prices fall further on Thursday

25/06/2020 Argaam

 

Oil prices slipped on Thursday. U.S. West Texas Intermediate (WTI) crude futures fell 26 cents, or 0.7%, to $37.75 per barrel at 0245 GMT on Thursday, after dropping $2.36 on Wednesday.

 

Brent crude futures fell 30 cents, or 0.7%, to $40.01 per barrel after falling $2.32 on Wednesday

 

Earlier this month, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that Gulf OPEC members were not planning to extend voluntary cuts in oil output into July as they were for June only.

 

On June 6, the Organization of the Petroleum Exporting Countries (OPEC) and other producers, agreed during the 11th ministerial meeting, to extend the current oil production adjustments until July.

 

In April, OPEC+ agreed to reduce output by 9.7 million barrels per day in May and June.

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