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Oil slid as OPEC+ reached output agreement; US inventories reportOil slid as OPEC+ reached output agreement; US inventories report |
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International benchmarks for crude oil fell more than 2% on Wednesday, 14 July 2021 after reports that Saudi Arabia and UAE resolved the differences to pave way for OPEC+ to lift production output by 400,000 barrels per day through to late 2022. Meanwhile, the EIA report showed a 7.9 million barrels drawdown in US crude inventories to the week ending 9 July, however, gasoline stocks rose 1 million barrels, indicating the lack of demand.
Brent fell $1.73/barrel, or 2.26% to $74.76/barrel.
WTI fell $2.12/barrel, or 2.82% to $73.13/barrel.
