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Oil prices down as OPEC raises crude output

Oil prices down as OPEC raises crude output
OPEC+ group lowers oil output cut by 2 million bpd from Aug. 1 onwards

By Ovunc Kutlu

ANKARA (AA) - Crude oil prices were down on Tuesday as OPEC and its allies have started to increase their crude production levels and rising number of the novel coronavirus (COVID-19) cases weakens the outlook of global oil demand.

International benchmark Brent crude was trading at $43.80 per barrel at 0615 GMT for a 0.79% loss after closing Monday at $44.15 a barrel.

American benchmark West Texas Intermediate (WTI) was at $40.73 a barrel at the same time for a 0.68% decline after ending the previous session at $41.01 per barrel.

On the supply side, OPEC and non-OPEC oil producing nations have started Saturday to lower their oil production cut level to 7.7 million barrels per day (bpd) from 9.7 million bpd.

Rising crude supply from the group dubbed as OPEC+ worries investors that glut of oil supply in the world is set to increase to further put pressure on oil prices.

On the demand side, rising number of COVID-19 cases around the world continues to suggest that global oil consumption is set to remain weak throughout 2020.

The number of COVID-19 cases worldwide has now surpassed 18 million, according to the latest data from Johns Hopkins University.

As the US leads the number of cases with almost 4.7 million as of Tuesday morning, Brazil has over 2.7 million, and India follows with more than 1.8 million cases.

source: News Feed
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