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Brent crude oil prices dipped below $80 a barrel on Monday, marking the first time since February that prices have fallen to this level. The decline followed an OPEC+ meeting where members agreed that countries could begin phasing out voluntary output cuts starting in October.
At around 1400 GMT, the nearest contract for Brent futures dropped by 2.2 percent to $79.35. However, prices later recovered slightly to around $80.32. Meanwhile, the American WTI contract saw a decrease of 1.0 percent, settling at $76.19.
The OPEC+ decision to phase out production cuts signals a shift in strategy, potentially increasing the supply of oil in the market. This move comes as global demand for oil shows signs of fluctuation amidst varying economic conditions worldwide.
The price drop reflects market reactions to the anticipated increase in oil supply, which could influence future pricing trends. As OPEC+ members adjust their production levels, the global oil market may experience further volatility in the coming months.
Market analysts will be closely watching the impact of these changes, particularly how they affect global supply and demand dynamics. The decisions made by OPEC+ members will likely play a crucial role in shaping the direction of oil prices as the year progresses.
Sources By Agencies
