Oil prices declined by 0.62-0.8%
On 16 July 2020 (08:05, Moscow time), Brent Crude Oil futures price fell by 0.62% to $43.52 per barrel, Light (WTI) for August delivery fell by 0.8% to $40.87 per barrel.
On 12 April 2020, OPEC+ approved new oil output cut by 9.7 million bpd in May-June, 7.7 million bpd in the second half and 5.8 million bpd by May 2022.
On 6 June 2020, OPEC+ agreed to extend oil-production cuts by 9.7 million bpd till the end of July.