LONDON (Reuters) – Oil prices plunged again on Tuesday as investors were unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic.
FILE PHOTO: Oil pump jacks work at sunset near Midland, Texas, U.S., August 21, 2019. REUTERS/Jessica Lutz
Brent LCOc1 futures fell 62 cents, or 2%, to $31.12 a barrel by 1310 GMT after settling 0.8% up on Monday. U.S. West Texas Intermediate (WTI) crude CLc1 was down 98 cents, or 4.4%, at $21.43 after dropping as much as 5% following a 1.5% decline in the previous session.
The Organization of the Petroleum Exporting Countries (OPEC), along with Russia and other producing countries – a grouping known as OPEC+ – agreed over Easter to cut output by 9.7 million barrels per day (bpd) in May and June, equating to about 10% of global supply before the coronavirus outbreak.
Additional output cuts by the United States, the world’s biggest producer, and other nations outside the OPEC+ group will take the…
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