Oil prices decline ahead of OPEC+ meeting

Monday, 13. July 2020 08:14

Oil prices traded lower on Monday ahead of the major oil producers' Joint Ministerial Monitoring Committee (JMMC) meeting which is scheduled to take place on Wednesday. OPEC+ oil production cuts are set to be reduced at the meeting from 9.7 billion barrels per day (bpd) to 7.7 bpd.

Data showed that compliance with the OPEC+ cuts is now over 100%.

West Texas Intermediate (WTI) futures for delivery in August were down 0.69% and going for $40.27 per barrel at 1:41 am ET. Meanwhile, September Brent lost 0.53% to trade at $43.01 per barrel at 2:01 am ET.

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Breaking the News / VP