By Administrator_India Capital Sands Oil prices fell on Monday on worries over China’s economy after a survey showed factory activity growing at its slowest pace in 17 months in the world’s second-largest oil consumer, concern compounded by a rise in oil output from OPEC producers. Brent crude oil futures skidded 81 cents, or 1%, to $74.60 a barrel by 0116 GMT while U.S. West Texas Intermediate (WTI) crude futures dropped 69 cents, or 0.9%, to…
By Administrator_India Capital Sands OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic. The group, which includes OPEC countries and allies like Russia, crucially agreed new production allocations from May 2022 after Saudi Arabia and others agreed to a request from the United Arab Emirates (UAE) that had threatened the plan. “We are happy with the…
"OPEC+ agrees to boost oil output after Saudi Arabia, UAE end standoff"