Oil futures fell Monday as major oil producing countries were said to consider easing production curbs as global crude demand rebounds from the coronavirus pandemic.
West Texas Intermediate crude for August delivery on the New York Mercantile Exchange fell 75 cents, or 1.9%, to $39.80 a barrel. The global benchmark, September Brent crude, was off 68 cents, or 1.6%, at $42.56 a barrel on ICE Europe.
The Wall Street Journal on Saturday reported that an alliance of crude producers led by Saudi Arabia was pushing the Organization of the Petroleum Exporting Countries and its allies to ease oil output curbs as planned beginning in August due to signs that demand is returning to normal after cratering in the wake of coronavirus-related lockdowns.
OPEC and its allies, including Russia, agreed in April to cut global output by 9.7 million barrels a day after collapsing demand and a brief Saudi-Russian price sent crude prices plunging. The Saudi proposal would see the alliance, known as OPEC+, relax its curbs by 2 million barrels a day to 7.7 million barrels beginning in August, the report said.
Source : Market Watch
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