Oil prices drop $2 with most Asian markets closed for holidays

Oil prices fall and world share prices are mixed in thin holiday trading on Monday

Global shares were mixed in holiday-thinned trading Monday, while oil prices fell after the OPEC+ group of oil producing nations said it plans to boost output.

Oil prices drop $2 with most Asian markets closed for holidays

Oil prices have fallen more than $2 a barrel after the OPEC+ group of oil producing nations said it plans to increase output.

Oil prices plunged by more than 3% on Monday into the first Asian trade, after the announcement by the Opep+ of a faster than expected increase in its production for the month of June. Around 03:00 GMT, the US WTI barrel was yielding 3.8% to 56.08 dollars, while the Brent of the Sea of ... This article Oil: prices fall after the announcement of an increase in the production of Opep+ appeared first on Diplomatic Morocco.

Oil prices fell slightly on the markets this morning after eight OPEC+ countries announced on Saturday that they planned to significantly increase their production. Among them are Russia and Saudi Arabia and AFP has quoted Jorge Leon, an analyst at Rystad Energy, as saying that the decision came like a bolt from the blue. "It is clear that the organization intends to increase market share after years of reducing production," Leon said. The annou…

After the OPEC cartel announced another increase in production: Brent falls 3.6% to $59.1 per barrel, WTI falls 4% to $56 per barrel; Tokyo, Seoul, Hong Kong, Shanghai and London stock exchanges are closed today due to local holidays; Dow Jones futures fall 0.6%, S&P 500 and Nasdaq futures fall 0.7%

Singapore: Oil prices fell by more than $2.00 per barrel at the beginning of Asian transactions, with OPEC+ trend to accelerate production. Brent's futures fell by $2.15 per barrel, or 3.51 per cent, to $59.14 per barrel by 22:08 GMT, while the West Texas median price was $56.03 per barrel, down by $2.26.]