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7/19, 8:53 AM (Source: TeleTrader)
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Oil declines after OPEC+ agrees on raising output

Prices of oil futures declined on Monday after members of the OPEC+ energy alliance finally reached a deal to increase production by 400,000 barrels per day (bpd) each month from August 2021 until all output cuts introduced at the beginning of the coronavirus global pandemic are phased out.

The move that reportedly removed the biggest hurdle to the final agreement was raising the baseline production levels, used for calculating output adjustments, for Saudi Arabia, Russia, Kuwait, Iraq and the United Arab Emirates from May 2022.

Brent for September deliveries was down 0.96%, going for $72.88 per barrel at 2:40 am ET, while West Texas Intermediate (WTI) for settlements in August lost 0.99% to sell for $71.10 per barrel at 1:13 am ET.

Breaking the News / MS