Business

Oil Slid To $43.66 A Barrel, Asian Markets Failed To Gain Despite Vaccine Hopes

According to the details, Brent crude LCOc1 fell 13 cents, or 0.3%, at $43.66 a barrel, whereas US West Texas Intermediate (WTI) crude CLc1 dropped 18 cents, or 0.4%, to $41.02 a barrel.

They rose 2% the previous day, helped by the US crude inventories drop.

In the meeting of Opec+ on Wednesday, the partners agreed to scale back oil production cuts from August as the global economy slowly recovers from the novel coronavirus pandemic.

US crude inventories fell 7.5 million barrels last week, shrinking much more than the 2.1 million-barrel drop.

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said production cuts in August and September would end up amounting to about 8.1 million-8.3 million BPD,

Asian Markets 

Amid the US-China tensions, Asian shares and US stock futures fell on the fourth day of the business week.

MSCI’s broadest index of Asia-Pacific shares outside Japan slid by 0.83 percent

Tokyo’s Nikkei fell 0.49 percent. US S&P 500 e-mini stock futures declined by 0.33 percent.

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