Business

Oil Prices Drop despite OPEC+ Production Cut Extension

Qatar NewswireComments Off on Oil Prices Drop despite OPEC+ Production Cut Extension

Oil prices fell early on Monday, despite a move by producer group OPEC+ to extend deep output cuts well into 2025.

Brent futures for August delivery were down 24 cents, or 0.3%, to $80.87 a barrel.

US West Texas Intermediate (WTI) crude futures for July delivery fell 19 cents, or 0.25%, to $76.80.

On Sunday, the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, agreed to extend output cuts until the end of 2025.

Source: Qatar News Agency

Qatar Newswire

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