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Oil prices slip on oversupply worries despite OPEC cuts

OPEC members agreed to unite in their view to extend on the oil supply cuts, in a closed meeting that lasted more than six hours on Monday.

Oil prices slipped on Tuesday on concerns of a weakening global economy denting oil demand, even after the Organization of the Petroleum Exporting Countries (OPEC) agreed to extend oil supply cuts until March 2020 in a meeting in Vienna on Monday.

Brent crude futures for September dropped by 33 United States (US) cents, at US$64.73 per barrel. On Monday, it had touched an intraday high of US$66.75.

US West Texas Intermediate (WTI) fell by 48 US cents, at US$58.61 per barrel. The counter had reached five-week highs earlier at US$60.28.

OPEC members agree to extend supply cuts

According to Reuters sources, OPEC members agreed to unite in their view to extend on the oil supply cuts, in a closed meeting that lasted more than six hours.

On Monday, Iran – which is currently under sanctions by the US – joined top producers Saudi Arabia, Russia, and Iraq in supporting the extension of the oil supply cuts.

OPEC is expected to meet with Russia and other producers on Tuesday to talk about the supply cuts amid the surging US output.

Oil prices have been brought under pressure due to the rising US supplies and a weaker global economy.

Iran’s oil minister Bijan Zanganeh on Monday said that the members of the OPEC should have unity among themselves, a report by Shana, the Iranian oil ministry news service said. ‘Without unity among members of OPEC, it is meaningless to plan cooperation between OPEC and non-OPEC countries,’ he said.

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