Crude futures prices take upward trend
As of August 10, 08:06, Brent Crude futures price were trading 1.06% higher to settle at $ 44,87 a barrel on the London-based ICE Futures Europe Exchange.
Light Sweet Crude (WTI) futures for September delivery on the New York Mercantile Exchange gained 1.41% to close at $ 41,8 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.