Reuters: Oil prices ease after OPEC, allies agree to taper oil supply curbs

09:00, 16 July 2020
Economy
98 0
REUTERS

Brent crude LCOc1 fell 27 cents, or 0.6%, to $43.52 a barrel by 0439 GMT, and U.S. West Texas Intermediate (WTI) crude CLc1 dropped 32 cents, or 0.8%, to $40.88 a barrel, Reuters said.

Read alsoUkraine's government includes gas transport system's operator in list of strategic assets

They rose 2% the previous day, helped by the U.S. crude inventories drop.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed on Wednesday to scale back oil production cuts from August as the global economy slowly recovers from the coronavirus pandemic.

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.

If you see a spelling error on our site, select it and press Ctrl+Enter