Home News Oil & Gas

Oil edges lower on oversupply concerns as OPEC+ set to raise output

Reuters
Reuters8/3/2020 09:17 AM GMT+08  • 2 min read
Oil edges lower on oversupply concerns as OPEC+ set to raise output
Oil prices fell on concerns about oversupply as OPEC+ is expected to pull back from production cuts in August, while an increase in COVID-19 cases worldwide raised fears of slower pick-up in fuel demand.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Oil prices fell on Monday on concerns about oversupply as OPEC and its allies, together known as OPEC+, are due to pull back from production cuts in August while an increase in COVID-19 cases worldwide raised fears of slower pick-up in fuel demand.

Brent crude futures slid 8 cents, or 0.2%, to US$43.44 ($59.60) a barrel by 0001 GMT while U.S. West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.3%, at US$40.15 a barrel.

Brent posted a fourth month of gains in July and US crude posted a third as both rose from depths hit in April, when much of the world was in lockdown due to the coronavirus pandemic.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.