Oil slumps after OPEC+ output hike agreement, US crude plunges over 7%

Economies.com
2021-07-19 18:00PM UTC

Oil prices fell on Monday, due to renewed coronavirus concerns, and after the OPEC-Plus agreement to increase production.

 

The OPEC Plus alliance announced after an emergency meeting on Sunday to increase output by 400,000 barrels per day starting from August, and extended the expiration date of the cuts until the end of 2022 instead of April 2022.

 

The alliance decided to raise the production baseline from 43.8 million bpd to 45.5 million bpd starting from May 2022.

 

While the US output rose 300,000 barrels the past two weeks, with the total at the highest level since May 2020 at 11.4 million barrels per day.

 

The dollar index rose against a basket of major currencies by 0.2% to 92.8 points as of 17:48 GMT, after hitting a high of 93.04 points and a low of 92.6 points.

 

As of 17:45 GMT, WTI crude August futures fell 7.6% to $ 66.3 a barrel, after hitting a high of $71.6 and a low of $65.8.

 

Brent September futures fell 6.7% to $68.6 a barrel, after hitting a high of $73.3 and a low of $68.1.

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