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8/3, 8:55 AM (Source: TeleTrader)
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Oil trades lower amid oversupply concerns

Oil prices were lower on Monday with oversupply fears remaining the biggest concern among investors. OPEC and allied producers were set to ramp up production in August despite the coronavirus pandemic still flaring up in a number of countries. Saudi Arabia and other Gulf countries ended their respective voluntary cuts last month.

Brent for October settlements was down 0.57% to $43.27 per barrel at 2:40 am ET. At the same time, West Texas Intermediate for September fell 0.72% to $39.98 a barrel.

Breaking the News / JC