Oil prices set to decline further if OPEC+ doesn’t act

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Brent crude made a new 13-month low on Monday around $53.11 on news that potentially deeper OPEC+ cuts may not occur soon. The spreads in the futures markets are signaling weaker demand, with the discount on spot prices widening further. This year, Brent crude has dropped by more than 18% and by 25% from its January peak of $71.75.

2020 was supposed to put an end to the global manufacturing slump after the US and China reached their “phase one” trade agreement. It was expected that Europe would begin to shine again due to renewed  Chinese demand after the signing of the trade deal…. Read More:

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