Oil prices slip on Wednesday

22/07/2020 Argaam

 

Oil prices fell in early trade on Wednesday. Brent crude futures fell 32 cents, or 0.7% to $44 a barrel, while US West Texas Intermediate (WTI) crude futures declined 33 cents, or 0.8%, to $41.59 a barrel.

 

OPEC and allies agreed last week to scale back oil production cuts from August to 7.7 million barrels per day until December as the global economy slowly recovers from the COVID-19 pandemic.

 

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

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.