Oil prices drop; WTI crude falls 2%

30/03/2021 Argaam

Drilling rigs

Oil prices deepened their declined on Tuesday ahead of the OPEC+ meeting on April 1, 2021, where the group is expected to discuss whether to extend production limits.

 

International benchmark Brent crude was trading down 1.8% at $63.79 per barrel, at 2.40 pm Makkah time.

 

West Texas Intermediate (WTI) crude fell 2.1% to $60.29 per barrel.

 

Kremlin spokesman Dmitry Peskov said that Russian Deputy Prime Minister Alexander Novak was in constant contact with the OPEC + group ahead of the upcoming meeting, during which an extension of the current production cuts is expected to be discussed amid new coronavirus pandemic lockdowns.

 

Meanwhile, the American Petroleum Institute’s report on US crude stockpiles is expected later today.

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