Oil prices fall on Wednesday

Oil prices fell on Wednesday. U.S. West Texas Intermediate (WTI) crude futures shed 1.9%, or 72 cents, to $38.22 a barrel, while Brent crude futures lost 1.5%, or 72 cents, to $40.58 a barrel.

Gulf OPEC members are not planning to extend voluntary cuts in oil output into July as they were for June only, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday.

On June 6, the Organization of the Petroleum Exporting Countries (OPEC) and other producers, agreed during the 11th ministerial meeting, to extend the current oil production adjustments until July.

In April, OPEC+ agreed to reduce output by 9.7 million barrels per day (mbpd) in May and June.