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Oil prices slip after OPEC, allies agree to loosen oil supply curbs

Brent crude fell 13 cents, or 0.3%, at $43.66 a barrel by 0015 GMT, and U.S. West Texas Intermediate (WTI) crude dropped 18 cents, or 0.4%, to $41.02 a barrel

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OPEC+ has been cutting output since May by 9.7 million barrels per day, or 10% of global supply, but from August, cuts will officially taper to 7.7 million bpd until December

Yuka Obayashi | Reuters Tokyo

2 min read Last Updated : Jul 16 2020 | 7:39 AM IST

Oil prices slid on Thursday after OPEC and allies such as Russia agreed to ease record supply curbs from August, though the drop was cushioned by hopes for a swift US demand pick-up after a bigger-than-expected drawdown from the country's crude stocks.

Brent crude fell 13 cents, or 0.3%, at $43.66 a barrel by 0015 GMT, and U.S. West Texas Intermediate (WTI) crude dropped 18 cents, or 0.4%, to $41.02 a barrel. They rose 2% the previous day, helped by the U.S. crude inventories drop.

The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed on Wednesday to scale

Topics : Coronavirus Oil prices dip Opec oil cuts

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