Economic news

Crude slumps amid opposing factors

Prices of oil sagged today, dragged down by OPEC’s steady increase of production though concerns over supply cuts from Iran and Venezuela push them upwards.

Photo: Reuters

Brent futures stood at $76.14 for a barrel, 7 cents slide compared to last end of session.

U.S. WTI futures kept near $68.76 a barrel, 11 cents fall.

OPEC’s monitoring committee revealed that countries involved in a supply restriction deal, Russia being one of participants outside of the Organization of the Petroleum Exporting Countries, reduced production 9% last month, which exceeds the agreed level. June data shows 120% compliance, whereas May figure had been 147%, indicating that producers have been lifting output.

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