Oil fell more than 3% as traders offloading position before holiday

International benchmarks for crude oil fell more than 3% on Thursday, 30 June 2022 after OPEC+ members decided to stick to the pre-determined production plans for July and August, but the group avoided discussing the potential outputs for September. Meanwhile, traders in the US offload their position before the 4 July holiday, further exacerbating the downtrend.

Brent for September delivery plunged $3.42 or 3% to settle at $109.03/barrel.

WTI dived $4.02 or 3.7% to close at $105.76/barrel.