Concerns over slowing global economic recovery hits crude prices


Oil prices decreased on Monday, as concerns over the slowing global economic recovery offset tight-ening supply after OPEC+ countries failed to agree on their production quotas from August onward.

At 1135 GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed 1.20 percent to reach $74.64 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $73.61, down 1.27 percent.

The price for Opec Basket was recorded at $71.79 a barrel with 2.19 percent decrease, Arab Light was available at $75.41 a barrel with 1.52 percent in-crease, while the price of Russian Sokol reached $74.35 after gaining 1.40 percent. .—Agencies

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