Oil falls nearly 1% as market eyes increased supplies

  15 July 2021    Read: 206
Oil falls nearly 1% as market eyes increased supplies

Oil prices fell nearly 1% on Thursday, extending losses as investors braced for more supplies following a compromise between top OPEC producers and as U.S. fuel stocks rose, raising concerns about demand in the world's largest consumer, AzVision.az reports citing Reuters.

Brent crude futures for September dropped 59 cents, or 0.8%, to $74.17 a barrel by 0409 GMT while U.S. West Texas Intermediate (WTI) crude for August was at $72.51 a barrel, down 62 cents, or 0.9%.

Both benchmarks slid more than 2% on Wednesday after Reuters reported that Saudi Arabia and the UAE reached a compromise that should pave the way for a deal to supply more crude to a tight oil market and cool soaring prices.


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