Oil loses over 1% ahead of OPEC+ meeting
Oil prices decreased by more than 1% on Monday after having reached their highest levels since 2018 the week before.
The investors anticipated the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known together as OPEC+, scheduled for July 1. The OPEC+ agreed to ease the production cuts by 2.1 million barrels per day through July, and the traders will monitor the talks to see if the organization relaxes the restrictions further.
Brent for August settlements dropped 1.72% to $74.88 per barrel at 12:46 pm ET. At the same time, West Texas Intermediate futures for delivery in the same month was down 1.35% to $73.05 per barrel.
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