7/19, 2:15 PM (Source: TeleTrader)
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Oil drops 3.5% on virus concerns, OPEC+ deal

Prices of oil futures fell further on Monday as coronavirus resurgence concerns seemingly continue to affect demand expectations.

In addition, OPEC+ countries agreed to return 2 million barrels per day (bpd) to the global market by the end of the current year and to gradually remove all pandemic-caused production limitations in 2022.

Brent for September deliveries dropped 3.45%, going for $71.04 per barrel at 8:03 am ET, while West Texas Intermediate (WTI) for settlements in August decreased 3.55% to sell for $69.26 per barrel at 7:40 am ET.

Breaking the News / MS