“Oil prices tumble under $70 a barrel after OPEC+ reaches production deal”
July 19, 2021
“Crude prices tumbled to start the week, after Organization of the Petroleum Exporting Countries and its allies, including Russia, reached a deal to boost oil production amid climbing demand. West Texas Intermediate crude for August delivery CL00, -3.73% CLQ21, -3.70% dropped nearly 3.7% to $69.16 a barrel on the New York Mercantile Exchange. The U.S. benchmark last week ended down 3.7%, the biggest weekly fall for a front-month contract since the week ended March 26, according to Dow Jones Market Data. Crude ended Friday’s session at $70.41.
September Brent crude BRN00, -3.40% BRNU21, -3.38%, the global benchmark, tumbled 3% to $71.36 a barrel. The contract saw its biggest weekly slide since May last week, dropping 2.6, and ending Friday’s session at $73.59…”