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  1. Home
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  4. Oil Prices Decrease After Agreement To Raise Output
Politics

Oil Prices Decrease After Agreement To Raise Output

  • By Al Mayadeen
  • Source: Agencies
  • 19 Jul 2021 20:10

Oil prices fall by 6% a day after major oil producers agreed to increase supply.

  • Daqing oil field in Heilongjiang province, China August 22, 2019 | Credit: Reuters
    Pumpjacks in Daqing oil field in Heilongjiang province, China August 22, 2019 | Credit: Reuters

Oil prices decrease Monday by 6% after OPEC+ reached an agreement on boosting oil output in light of the threat that COVID-19 is posing to economic recovery.

West Texas Intermediate lost 6.1% at $67.42 a barrel, and North Sea Brent lost 5.4% at $69.61 a barrel.

At the same time, the Delta variant is stoking markets' fears of COVID-19 undermining economic recovery.

Investors from all around the globe are selling their stocks, commodities, and cryptocurrencies rather than buying bonds, which were considered a safe bet, said Edward Moya, economic analyst at OANDA.

Moya also said that risk aversion exists while Delta pushes people to search for safety amid escalating global economic concerns.

OPEC+ agreed Sunday to put out an additional 400,000 barrels as of August to cover increasing demand as economies reopen.

  • United States
  • West Texas
  • delta variant
  • OPEC
  • COVID-19
  • OPEC+
  • Oil prices

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