Oil Down to Lowest Level in Week Ahead of OPEC Meetings

Oil prices declined on Monday and closed at their lowest level in more than a week, with markets awaiting the outcomes of the coming OPEC+ meeting.

Uncertainty regarding production policies coupled with concerns over the rising number of COVID-19 cases in some countries are weighing on energy markets.

The OPEC+ alliance will likely further increase output starting August.

Brent crude futures for August delivery lost $1.50, or 1.97%, to close at $74.68 per barrel.

Meanwhile, the West Texas Intermediate (WTI) declined, for the first time in four sessions, by $1.14, or 1.54%, to finish at $72.91 per barrel.

This market the biggest loss for both the global and the U.S. benchmark crude contracts since May 20, and their lowest closing levels since June 18.