On Monday, oil prices were hurt by the concerns over the surging new cases of coronavirus in the US.
At 00.16 GMT, Brent crude oil futures inched down by 1.7% or 66 cents to USD38.07/barrel while US WTI crude futures slid by 2.2% or 81 cents to USD35.45/barrel.
In the week ended June 12, both benchmarks finished down by 8% to the post weekly fall since April. The surge of new coronavirus cases in the US, reportedly by more than 25,000 on Saturday, clouded the outlook of crude demand.
On the other hand, this Thursday, the Organization of the Petroleum Exporting Countries and its non-member oil producer allies (OPEC+) will meet to discuss the ongoing record production cuts to see whether countries have delivered their share of the reductions.
However, according to five OPEC+ sources, the group will not make any decision.
OPEC+’s 9.7 million bpd output cut pact is to be prolonged until the end of July.
Meanwhile, on Sunday, some Iraqi officials informed Reuters that the country has reached an agreement with its major oil firms to cut crude output further this month.
