Oil Closes Lower for Second Straight Day

Oil prices finished lower on Thursday, maintaining a downward trend for the second consecutive session, amid uncertainty about production levels.

Yesterday, media reports suggested that the OPEC+ alliance has reached an initial agreement to extend the current output cuts until 2022, with a gradual easing in the curbs in line with the global economic recovery from the coronavirus pandemic, and expectations for improved demand for energy in the second half of the year.

Brent crude futures for September delivery lost $1.29, or 1.73%, to close at $73.47 a barrel, or its lowest settlement level since July 7.

Meanwhile, the West Texas Intermediate (WTI) futures for August delivery finished lower by $1.48, or 2.02%, at $71.65 per barrel.