Oil prices fall with OPEC+ seen preparing to ease production curbs.

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MarketWatch.com  reports: “Oil futures fell Monday as major oil-producing countries were said to consider easing production curbs as global crude demand rebounds from the coronavirus pandemic.

“West Texas Intermediate crude for August delivery CL00, -1.82% CL.1, -1.82% on the New York Mercantile Exchange fell 75 cents, or 1.9%, to $ 39.80 a barrel. The global benchmark, September Brent crude BRN.1, -1.64% BRN00, -1.64%, was off 68 cents, or 1.6%, at $ 42.56 a barrel on ICE Europe”.

“OPEC and its allies, including Russia, agreed in April to cut global output by 9.7 million barrels a day after collapsing demand and a brief Saudi-Russian price sent crude prices plunging.“OPEC+ could justify the designated increase in production as of now, but if the virus continues to surge globally over the next week, the demand forecast will change, and the oil market could swing heavily back into oversupply territory,” said Edward Moya, senior market analyst at Oanda, in a note”.

 

MarketWatch.com 

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