Rumors of OPEC compromise lower oil prices

Negotiations among OPEC+ on oil output broke down earlier in July when the United Arab Emirates prevented an extension of production cuts up to and including April 2022.

Photo: Agustin Marcarian/REUTERS / X03747

Oil prices dive Thursday morning CET on prospects of higher output as the Organization of the Petroleum Exporting Countries and its OPEC+ allies reportedly form a compromise on future supply, writes Reuters.

A barrel of European reference crude Brent costs USD 74.13 against USD 76.14 Wednesday afternoon. US West Texas Intermediate concurrently trades at USD 72.44 against USD 74.74.

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