Crude oil futures become cheaper

As of August 4, 08:53 (UTC+3), Brent Crude futures price were trading 0.86% lower to settle at $ 43,77 a barrel on the London-based ICE Futures Europe Exchange.

Light Sweet Crude (WTI) futures for September delivery on the New York Mercantile Exchange was down 0.83% to close at $ 40,67 a 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.