Oil prices fell by more than 1% in trading, Monday while attention is drawn to the results of the OPEC + meeting, this week, amid expectations of recommending to reduce production cuts.
And Brent crude fell 46 cents, equivalent to 1.06% to $ 42.78 a barrel, by 1350 GMT, while West Texas Intermediate US crude recorded $ 40.10 a barrel, down 44 cents, or 1.15%.
The escalation of coronavirus cases in several US states has imposed tighter travel restrictions that could weaken demand recovery in the world’s largest oil consumer. On Friday, the International Energy Agency raised its forecast for oil demand in 2020, by 400,000 barrels per day.
Oil prices recovered – significantly – from their lowest levels for decades, which were recorded last April, after the Organization of Petroleum Exporting Countries, and allies including Russia, in what is known as the OPEC + group, agreed to an unprecedented reduction in production, by 9.7 million barrels per day. , From May to July.
The Joint Ministerial Monitoring Committee is meeting on Tuesday and Wednesday to make a recommendation on the next level of cuts, after the group’s compliance rate cuts reached 107% in June, from 77% in May.
Expectations are for cuts to 7.7 million barrels per day, due to the recovery in global oil demand and higher prices.
SOURCE: attaqa.net