Home / Market Update / Commodities / Oil Down to Lowest Level in Week Ahead of OPEC Meetings

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.

Check Also

Washington Stalemate Deepens: U.S. Government Shutdown Hits 17 Days With No End in Sight

The United States government shutdown entered its 17th day on Friday, making it the third-longest …