7/2, 4:09 PM (Source: TeleTrader)
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Oil falls over 1% despite OPEC+ output cut deal

Crude futures traded with losses on Monday despite the fact OPEC and other major producers agreed to extend output cuts by another nine months. Oil prices were dragged down by worries of lower global demand for the commodity amid fears of an economic slowdown.

As he confirmed OPEC+ will continue reducing production in an effort to balance the oil market, Saudi Energy Minister Khalid al-Falih also noted that he expects a decline in oil demand in the near future.

International benchmark Brent for settlements in September slid 1.12% to go for $64.30 per barrel at 9:58 am ET and West Texas Intermediate (WTI) for August delivery dropped 1.59% to sell for $58.12 per barrel at the same time.

Breaking the News / NP