Oil prices fall on expected output rise in wake of OPEC deal [Reuters]
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Source: Reuters
Oil prices fall on expected output rise in wake of OPEC deal | Reuters 3 Min Read SINGAPORE (Reuters) - Brent crude oil prices fell over 1.5 percent on Monday as traders factored in an expected output increase that was agreed at the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on Friday. Brent crude futures LCOc1, the international benchmark for oil prices, were at $74.21 per barrel at 0343 GMT, down 1.8 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $68.40 a barrel, down 0.3 percent, supported more than Brent by a slight drop in U.S. drilling activity. Prices initially jumped after the deal was announced late last week as it was not seen boosting supply by as much as some had expected. OPEC and non-OPEC partners including Russia have since 2017 cut output by 1.8 million barrels per day (bpd) to tighten the market and prop up prices. Largely because of unplanned disruptions in places like Venezuela
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