Oil falls, but near 2018 highs ahead of OPEC+ Meeting
Oil dropped on Monday morning after reaching October 2018 price levels. Talks on reviving a nuclear deal between U.S. and Iran continue, while the Organization of the Petroleum Exporting Countries and allies (OPEC+) convenes later in the week.
Brent oil futures dropped 0.23% to $75.21, rolling over to the Sep. 21 contract on Jun. 27, 2021. WTI futures fell by 0.08% to $73.99.
The OPEC+ meeting on July 1 is set to talk about the supplies for August 2021. It is expected to further ease current supply curbs as fuel demand perspective constantly improves.
An increase in output by about 500,000 BPD in August to support higher prices is also anticipated.
Oil achieved its fifth week of gains last week as the US and China’s economies continue to recover.
OPEC+ will return 2.1 million barrels per day to the global supply from May through July 2021 guaranteeing supply discipline.