Crude Oil Prices Fell On US Stocks And Cut Production In Doubt

6/4/2020 4:58:37 AM

London. Oil prices fell on Thursday. Concerns over a rise in U.S. oil prices were further compounded by fears that oil producers would agree to record record cuts in production. 0839 GMT By, Brent crude futures fell 29 cents to 39 39.50 a barrel, the first drop in six sessions. For West West Intermediate (WTI), futures fell 53 cents to .7 36.76.

Saudi Arabia and Russia, the world's two largest oil producers, agreed in July to support a cut in supplies of 9.7 million barrels per day (barrels per day), backed by the OPEC + group in April. Includes the Organization of Petroleum Exporting Countries and other major manufacturers.

But they could not agree to an OPEC + meeting on Thursday to discuss the cuts, which OPEC sources said would be due to deeper cuts by countries that have not yet met their targets.

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