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Oil prices drop after OPEC's decision to increase its daily production by 1 million barrels
June 26 2018 10:48 p
June 26 2018 10:48 p
[rtl][rtl]Oil falls amid concerns OPEC's cuts could affect the crisis between Qatar and Arab countries[/rtl]
[/rtl]
Oil prices have fallen as investors prepare to pump 1 million bpd into world markets.
Reuters reported that oil prices fell on Monday, as investors prepare for an additional 1 million barrels per day of oil will reach the markets, after OPEC agreed to increase production, coinciding with the decline of US stock markets due to fears of a trade war.
Brent crude ended the session low 82 cents, or 1.1%, to settle at $ 74.73 per barrel.
US benchmark WTI futures fell 50 cents, or 0.73 percent, to close at $ 68.08 a barrel.
"Trade tensions and global market concerns are the brakes on crude today," said Bell Barroche, head of Blue Line Futures in Chicago.
US stocks fell amid a broad sell-off affected by rising trade tensions between the United States and China.
OPEC agreed on Friday to increase supplies by returning to 100 percent of the agreed production cuts.
Saudi Aramco's chairman said the giant oil company had spare capacity of 2 million bpd and could meet the extra demand in the event of supply shortages.
Goldman Sachs, however, still expects a supply shortfall in the oil market.
US Energy Secretary Rick Perry said on Monday that the agreement reached by OPEC and producers outside the organization may not be sufficient to ease pressure on supply in the oil market.
http://www.thebaghdadpost.com/ar/story/109293/%D8%A7%D9%86%D8%AE%D9%81%D8%A7%D8%B6-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%A8%D8%B9%D8%AF-%D9%82%D8%B1%D8%A7%D8%B1-%D8%A3%D9%88%D8%A8%D9%83-%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D8%A7%D9%86%D8%AA%D8%A7%D8%AC%D9%87%D8%A7-%D8%A7%D9%84%D9%8A%D9%88%D9%85%D9%8A-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%A8%D8%B1%D9%85%D9%8A%D9%84[/rtl]
[/rtl]
Baghdad Post
[rtl]Oil prices have fallen as investors prepare to pump 1 million bpd into world markets.
Reuters reported that oil prices fell on Monday, as investors prepare for an additional 1 million barrels per day of oil will reach the markets, after OPEC agreed to increase production, coinciding with the decline of US stock markets due to fears of a trade war.
Brent crude ended the session low 82 cents, or 1.1%, to settle at $ 74.73 per barrel.
US benchmark WTI futures fell 50 cents, or 0.73 percent, to close at $ 68.08 a barrel.
"Trade tensions and global market concerns are the brakes on crude today," said Bell Barroche, head of Blue Line Futures in Chicago.
US stocks fell amid a broad sell-off affected by rising trade tensions between the United States and China.
OPEC agreed on Friday to increase supplies by returning to 100 percent of the agreed production cuts.
Saudi Aramco's chairman said the giant oil company had spare capacity of 2 million bpd and could meet the extra demand in the event of supply shortages.
Goldman Sachs, however, still expects a supply shortfall in the oil market.
US Energy Secretary Rick Perry said on Monday that the agreement reached by OPEC and producers outside the organization may not be sufficient to ease pressure on supply in the oil market.
http://www.thebaghdadpost.com/ar/story/109293/%D8%A7%D9%86%D8%AE%D9%81%D8%A7%D8%B6-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%A8%D8%B9%D8%AF-%D9%82%D8%B1%D8%A7%D8%B1-%D8%A3%D9%88%D8%A8%D9%83-%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D8%A7%D9%86%D8%AA%D8%A7%D8%AC%D9%87%D8%A7-%D8%A7%D9%84%D9%8A%D9%88%D9%85%D9%8A-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%A8%D8%B1%D9%85%D9%8A%D9%84[/rtl]
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