Oil prices fall 1.70% on excessive production - Breaking The News

Oil prices fall 1.70% on excessive production

25 July

1 min read

EPA-EFE/TANNEN MAURY

The prices of oil futures experienced losses on Thursday. WTI dropped 1.70% after the Organization of the Petroleum Exporting Countries (OPEC) mentioned a day earlier that big oil producer countries such as Russia, Kazakhstan, and Iraq got compensation plans for missing the objective of reducing fuel production to the agreed levels.

West Texas Intermediate (WTI) for September's settlements fell by 1.70% at 11:54 pm ET to sell for $76.27 per barrel. Meanwhile, Brent for September's deliveries sank by 1.65% to go for $80.36 per barrel.

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