Oil Prices Decline By More Than 1%

Baghdad / NINA / – Oil prices fell by more than one percent, today, Monday, affected by the decision of the OPEC + group to increase supplies after the collapse of an earlier agreement due to the opposition of the UAE.

Brent crude fell 1.4 percent, recording $72.59 a barrel, after losing nearly three percent earlier.

US crude fell 94 cents, 1.3 percent, at $70.87 a barrel, after falling nearly 4 percent in the past.

On Sunday, OPEC + ministers agreed to increase oil supplies from August to cool prices that rose to a two-and-a-half year high as the global economy recovered from the coronavirus pandemic.

The group, which includes OPEC countries and allies such as Russia, agreed decisively on new production quotas from May 2022 after Saudi Arabia and other countries agreed to a request from the UAE. / End


Source: National Iraqi News Agency