Oil prices drop after Opec deal and Covid infections rise
Crude oil price falls 7pc after cartel strikes output agreement
OIL led losses in a broad market selloff while a resurgent virus threatened the global economic recovery just as Opec+ agreed to boost crude supply.
Futures in New York lost as much as 7pc yesterday, the biggest decline since March. Opec and its allies agreed to monthly supply hikes of 400,000 barrels a day, an increase that the International Energy Agency said “may go a long way” toward closing the supply deficit in the market.
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