Oil Declines In Wake Of OPEC+ Deal To Boost Supply, Rising Covid Cases The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, reached a compromise on Sunday to increase oil supply from August.
Updated: July 20, 2021 12:16 pm IST
Oil slumped $5 a barrel on Monday, closing out its worst day since March, after an OPEC+ agreement to boost output stoked fears of a surplus just as rising COVID-19 infections once again threaten demand.
Crude oil s year-long recovery has stalled out over the last two weeks due to the prospect of new supply undermining the case for higher prices. With the Delta variant of the coronavirus spreading worldwide - fuelling a 70% rise in US infections last week - funds bailed out of long positions on Monday across multiple risk asset groups, including stocks and the dollar.
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19Jul2021 Open-Market Commentary: Wall Street Opened Sharply Lower Because Of New COVID Developments, DOW Opened Down 520 Points, Nasdaq Down 0 9%, WTI Crude Down 69 44, Bitcoin Slips 30700
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Oil piles on losses following OPEC+ deal to boost supply, rising COVID cases
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