Oil prices fall on Thursday

16/07/2020 Argaam

 

Oil prices fell in early trade on Thursday. Brent crude futures fell 24 cents, or 0.55% to $43.55 a barrel, while US West Texas Intermediate (WTI) crude futures slid 30 cents, or 0.73%, to $40.90 a barrel.

 

OPEC and allies agreed on Wednesday to scale back oil production cuts from August as the global economy slowly recovers from the COVID-19 pandemic.

 

Global oil demand will soar by a record 7 million barrels per day (mbpd) in 2021, OPEC said in its monthly report.

 

Since May, OPEC+ has been cutting output by 9.7 million bpd to shore up prices amid weak demand due to the COVID-19 crisis.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.