Oil Maintains Losses amid Continued Uncertainty

Oil prices continued to plummet on Wednesday, amid uncertainty about the outlook for the OPEC+ agreement and output policies.

Major producers are in disagreement about extending the current output cuts, which are gradually being eased, with recent talks about quotas and production levels not leading to a consensus.

Brent crude futures for September delivery declined for the second consecutive session by $1.1, or 1.5%, to close at $73.43 a barrel.

This marked the lowest closing level for the global benchmark crude most-active contract since June 17.

Meanwhile, the West Texas Intermediate (WTI) futures for August delivery plunged by $1.17, or 1.59%, to finish at $72.20 per barrel, maintaining a downward trend for the third day in a row.