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7/14, 6:27 PM (Source: TeleTrader)
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Oil cuts losses on OPEC projections

Prices of oil futures erased previous losses on Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) projected that the global oil demand will make a "historic" jump of 7 million barrels per day in 2021, adding that the oil market will gradually stabilize in the second half of 2020.

Brent for September deliveries gained 0.73% to go for $43.02 per barrel at 12:15 pm ET, while West Texas Intermediate (WTI) for settlements in August rose by 0.75% to sell for $40.40 one minute later.

Breaking the News / MS