Oil prices slip on Wednesday

05/08/2020 Argaam

 

Oil prices fell on Wednesday as mounting coronavirus cases worldwide dented market confidence over fuel demand pickup.

 

Brent crude futures slipped 16 cents, or 0.4% to $44.27 a barrel, while US West Texas Intermediate (WTI) crude futures declined 17 cents, or 0.4%, to $41.53 a barrel.

 

In July, OPEC and allies agreed 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 expected global oil demand to soar by a record 7 million barrels per day (mbpd) in 2021.

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