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Market Update: Oil Plunges More than 1% on OPEC+Deal, Virus Woes
Oil prices dropped more than 1% on Monday, amid mounting concerns about a crude surplus as COVID-19 infections continue to rise in the US, Europe, and Asia while the OPEC+ group of producers overcame internal divisions and agreed to boost output. The cartel on Sunday decided to increase the oil supply from August until December 2021 by a further 2 million bpd or 0.4 million bpd a month. It also aims to fully phase out cuts by around September 2022. The OPEC+ agreed new production allocations for several members from May 2022, including the UAE, Saudi Arabia, Russia, Kuwait and Iraq. The UAE will see its baseline production, from which cuts are being calculated, increase to 3.5 million bpd from May 2022 from today’s 3.168 million. At around 03:15 AM GMT, WTI crude shed 1.3% to a near one-month low of $70.86 a barrel Meantime, Brent oil sank 1.4% to $72.6 a barrel, its lowest since early June. [/s2If]
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