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Reuters
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Oil prices fell sharply today after “OPEC +” overcame internal divisions and agreed to increase production, which raised concerns of a crude surplus with increasing Corona cases in certain countries.
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Brent crude fell 2.7% to $ 71.58 a barrel at 8:50 a.m. GMT. US crude fell 2.8% to $ 69.75 a barrel.
On Sunday, “OPEC +” group ministers agreed to increase oil supplies from August 2021 to calm prices, which this month reached their highest level in more than two years as the economy global recovery from the Covid-19 pandemic.
The group, which includes member states of the Organization of the Petroleum Exporting Countries and allies like Russia, also agreed to new production quotas from May 2022.
And “ANZ Research” said, “Even with the increase in production, the market remains somewhat tight. The data, which is widely disseminated, shows positive indicators for oil, as demand for gasoline in the United States. United recently hit an all-time high, which would limit the duration of the sale.
Source: Reuters
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