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The decline in oil prices in global markets .. and Brent recorded $ 72.98


Today, oil prices recorded $72.98 a barrel for the global benchmark Brent crude futures contract, and the US West Texas Intermediate crude futures contract recorded $71.20 a barrel.

 

International media reports stated that oil prices in global markets today, Monday, witnessed a relative decline in the morning trading of the global benchmark Brent by 1%, against the backdrop of the agreement of major oil producers at a meeting of the Organization of Petroleum Exporting Countries, yesterday, to increase production by 400 thousand barrels per day. Every month starting in August.

 

During a press conference, the member states of "OPEC" confirmed the extension of the oil production agreement until the end of 2022 instead of next April, and a statement issued by the two participants confirmed "the planning to end the cuts in full by September 2022 if market conditions allow that."

 

Brent global benchmark prices recorded the third weekly losses for the first time since April 2020, at a rate of 2.6% at the end of trading sessions in the futures markets last Friday, and the US West Texas crude contracts recorded the second weekly losses, and the largest since last March, by 3.7%.

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