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Crude oil prices open lower on expectations of increased production following OPEC+ meeting

Lim Hui Jie
Lim Hui Jie7/14/2020 03:43 PM GMT+08  • 3 min read
Crude oil prices open lower on expectations of increased production following OPEC+ meeting
Crude Oil futures contracts opened lower on Tuesday following a rising number of Covid-19 cases. Prices have dropped more than 1% on Monday as a meeting of OPEC+ countries this week is expected to taper production cuts.
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SINGAPORE (July 14): Crude Oil futures contracts opened lower on Tuesday following a rising number of Covid-19 cases. Prices have dropped more than 1% on Monday as a meeting of OPEC+ countries this week is expected to taper production cuts.

The meeting is rumoured to decide on relaxing supply cuts that have been propping up prices.

The increasing number of Covid-19 cases in the US, Brazil, India, and Australia may lead to fresh lockdown measures, which will, in turn, slow economic growth and curb energy demand.

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