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Oil Prices Flat as Global Virus Cases Hit 16mn

Oil prices were flat on Monday, as investors continued to watch the latest development regarding the COVID-19 pandemic.

Globally, there were over 16 million people being infected by the virus, with the US accounting for roughly 20% of that figure.

Market participants were also looking for any impact from storm Hanna, that threaten heavy rains in Texas and Mexico.

Meanwhile, concerns about escalating tensions between Beijing and Washington lingered following the closures of consulates in Houston and Chengdu.

On the supply side, the OPEC+ confirmed it would reduce the size of its output cuts to 7.7 million barrels a day from August, 1st, which would add nearly 2 million barrels to daily production levels.

At around 06:00 AM GMT, WTI crude was unchanged at $41.29 a barrel. Brent crude was also nearly flat at $43.33 a barrel.

About Babajide Iletogun

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