Oil drops 1% due to oversupply OPEC + and US unemployment data | latest news

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Oil fell 1% Thursday, August 20, after Reuters reported that OPEC + must deal with a daily supply glut exceeding two million barrels, and following a sudden rise in US jobless claims, which predicts a slow economic recovery.

Brent crude fell 47 cents, or 1%, to determine the settlement price at $ 44.90 a barrel, while West Texas Intermediate crude for September delivery closed down 35 cents, or 0.8%, to $ 42.58 a barrel in its last trading days.

The more active West Texas October delivery contract fell 29 cents, or 0.7%, to $ 42.82.

The Organization of the Petroleum Exporting Countries and its allies, known as the OPEC + group, said on Wednesday that the pace of the oil market recovery appears slower than expected in light of the growing risks from a long-term second wave of the pandemic.

Sentiment also deteriorated in global markets as US jobless claims rose again to more than a million last week.

Oil prices have ranged from their current range since mid-June, with Brent trading between 40 and 46 dollars a barrel, and West Texas between 37 and 43 dollars a barrel.





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