SINGAPORE: Oil edged below US$40 a barrel in New York as Opec and allied producers started supplying more crude to a global market where many countries are still struggling to contain the coronavirus.
Opec+ will pump about 1.5 million barrels more this month than in July as it starts to unwind its historic virus-driven output curbs, with Russia already having lifted its output sightly last month. The increase in supply comes as virus cases accelerated in California, a lockdown is being reimposed in Manila, and Australia’s second-biggest city instituted a curfew to stem the spread.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
