Crude oil prices dropped on Monday morning at London’s trading session, as oil traders placed their focus on an OPEC technical meeting scheduled to hold on Wednesday.
The conference is expected to recommend an easing in the curb on oil production that has helped rally crude oil prices in recent months.
The price of Brent crude oil August futures on the London ICE Futures Exchange amounted to $ 42.78 / bbl (a decrease of 1.06%). Futures for WTI oil for July on the New York Mercantile Exchange (NYMEX) fell 1.01% to $ 40.14 / bbl.
Notably, crude oil prices remained relatively unchanged in the previous week as the resurgence of COVID-19 caseloads soared in the world’s largest oil-consuming economy, and the plan to impose travel restrictions in some global economies. These factors could most likely trigger a decline in the demand for oil.