Oil prices fell on Monday, with Brent dropping after four days of gains, as investors and traders awaited crucial talks by OPEC+ following disagreement within the group that could lead to major producers pumping up volumes to grab market share.
Brent crude was down by 40 cents, or 0.5per cent, at US$75.77 a barrel by 0131 GMT, after falling 1 cent last week, the first weekly decline in six. U.S. oil was down by 30 cents, or 0.4per cent, at US$74.86 a barrel, having risen 1.5per cent last week, the sixth consecutive week of gains for the contract.
"This latest move raises the bar for the OPEC+ alliance, which has shown great unity that has ultimately helped rebalance the market following the collapse in demand," ANZ Research said in a note."A break-up could result in a free-for-all that would likely lead to a collapse in prices." He also highlighted uncertainty over the course of the pandemic and production from Iran and Venezuela.
Cheap oil if converted to paying consumers are good for the public.
Corruption in magnitudes of unproportions.... should be half price.....🤗👏