Oil prices fall on Thursday

16/07/2020 Argaam

 

Oil prices fell in early trade on Thursday. Brent crude futures fell 24 cents, or 0.55% to $43.55 a barrel, while US West Texas Intermediate (WTI) crude futures slid 30 cents, or 0.73%, to $40.90 a barrel.

 

OPEC and allies agreed on Wednesday to scale back oil production cuts from August as the global economy slowly recovers from the COVID-19 pandemic.

 

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

 

Since May, OPEC+ has been cutting output by 9.7 million bpd to shore up prices amid weak demand due to the COVID-19 crisis.

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