The Organization of the Petroleum Exporting Countries and producers U.S.-China including Russia, a grouping referred to as OPEC+, are cutting their output by almost 10 million barrels per day Oil prices fell on Wednesday on concerns over how quickly fuel demand will recover even as lockdowns ease in many countries with falling coronavirus cases, with tensions adding to pressure.
Brent crude futures fell 40 cents, or 0.7%, to $35.77 by 0009 GMT, after falling 1.8% on Tuesday. U.S. West Texas Intermediate (WTI) crude futures were down 49 cents, or 1.2%, at $33.95 a barrel, having risen 3.3% the previous session.
The Organization of the Petroleum Exporting Countries and producers iU.S.-Chinancluding Russia, a grouping referred to as OPEC+,