Yahoo: Oil sinks as OPEC+ agrees production increase and Delta fears hit sentiment
Oil prices dropped sharply on Monday as investors digested news of more supply coming to the market and fretted about rising COVID-19 cases around the world.
Brent futures (BZ=F) were down 1.5% to $72.46 a barrel on Monday morning in London. Crude (CL=F) was 1.6% lower at $70.66.
The slump came after oil producing nations announced they would ramp up supply in light of the recent global economic rebound that has accompanies reopening.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, on Sunday said they would increase production by 400,000 barrels per day each month until supply was back to normal.
The OPEC+ group agreed to cut supply by 5.8 million barrels per day last year in the face of slumping demand and prices.
At the current pace of expansion, supply would normalise by the end of next year.
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More News On OPEC+ Countries Approving New Production Quotas
U.S. oil drops as much as 8% to below $70 as OPEC prepares to boost production, Covid concerns weigh -- CNBC
Global stocks tumble as Delta-variant cases soar; oil falls after OPEC+ reaches a deal on supply -- Market Insider
Oil Continues To Collapse On OPEC News, COVID Fears -- OilPrice.com
OPEC+ agree to keep boosting oil output, bet on pandemic recovery -- DW
OPEC+ countries approve new production baselines, extend deal until end of 2022 -- TASS
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