8/4, 11:53 AM (Source: TeleTrader)
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Oil trades lower as OPEC+ unwinds cuts

Crude prices fell on Tuesday as OPEC and allied producers began increasing their oil output despite the rising number of coronavirus infections around the globe. With over 18 million confirmed virus cases worldwide, demand concerns continue to dominate the market.

Meanwhile, investors looked toward the release of private inventory data for the United States, set for a release later in the day.

West Texas Intermediate for September was down 1.27% to $40.49 per barrel at 5:36 am ET. At the same time, global benchmark Brent for October delivery lost 1.29% to $43.57 a barrel.

Breaking the News / JC