Energy

Oil falls on supply glut fears as OPEC+ set to boost output

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An aerial view of oil tankers anchored near the ports of Long Beach and Los Angeles amid the coronavirus pandemic on April 28, 2020 off the coast of Long Beach, California.

Mario Tama | Getty Images

Oil prices fell on Monday on oversupply concerns as OPEC and its allies wind back production cuts in August and a rise in worldwide COVID-19 cases points to a slower pick-up in fuel demand.

Brent crude futures slid 26 cents, or 0.6%, to $43.26 a barrel by 0253 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 29 cents, or 0.7%, at $39.98 a barrel.

Brent posted a fourth month of gains in July and U.S. crude posted a third as both rose from depths hit in April, when much of the…



Source cnbc.com

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