International benchmark Brent crude oil futures dropped as low as $45.4 per barrel on Tuesday – their lowest level since November 2016 – and dropped to similar levels early on Wednesday before recovering slightly. The United States benchmark West Texas Intermediate dropped to $42.8/bbl on Tuesday and was trading at around $43/bbl at the time of publication.
OPEC members and a group of 11 non-OPEC producers led by Russia agreed on 25 May to extend their 1.8 million barrels per day (MMb/d) output cut for a...
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