Global Oil Prices Weaken to US$72.55 per Barrel (Monday, July 19, 2021)
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Global oil prices weakened in trading on Monday, July 19, 2021, until 10:13 WIB. Brent crude oil was sold at US$72.55/barrel, down 0.73% from the previous trading session. Meanwhile, West Texas Intermediate (WTI) crude oil was priced at US$70.56/barrel, a decrease of 0.82%.
Quoting Reuters, oil prices were pressured and fell in Monday's trading. This occurred after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) overcame internal divisions to boost oil supply.
OPEC+ plans to increase supply starting August 2021. This decision aims to cool prices that have risen to their highest level in 2.5 years due to the economic recovery from the Covid-19 pandemic. The OPEC+ move has raised concerns about a crude oil surplus as Covid-19 infections continue to rise in many countries.
Note: The global oil prices shown in the graph have been updated to reflect the latest data.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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