Oil Prices Decline Due To Fears Over Tight Supplies

Baghdad Oil futures declined due to concerns about the slowdown in global growth, tipping the scales against a possible shortage of supplies, after talks between major producers faltered to increase production in the coming months.

Brent crude for September delivery fell 35 cents, or 0.5%, to $75.20 a barrel and West Texas Intermediate crude for August delivery recorded $74.23, down 33 cents, or 0.4 percent.

The finance ministers of the Group of Twenty warned that the spread of strains of the Coronavirus and the lack of fair access to vaccines for developing countries threatens the recovery of the global economy.

The oil prices fell last Tuesday, after the “OPEC +” group failed to reach an agreement to increase production from August, as a result of the UAE’s refusal to extend a proposed extension of OPEC + production cuts for a period of eight months.

 

Source: National Iraqi News Agency