Reported 4 months ago
Oil prices continued to decline, reaching almost a four-month low, following OPEC+'s decision to increase oil supply earlier than expected, raising worries about oversupply. Brent fell below $78 a barrel, and West Texas Intermediate was under $74, after the alliance announced plans to unwind output cuts starting in October. Some market observers had anticipated the cuts to be extended until the end of the year, and doubts remain about OPEC+'s ability to increase production as other suppliers surge. The return of barrels can be halted if market conditions do not support additional supply, according to OPEC+.
Source: YAHOO