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Oil Prices Fall On Supply Glut Fears

Oil prices fell on Monday amid concerns about oversupply as OPEC and its allies wind back output cuts in August.

Investors also remained concerned about the economic fallout from rising Covid-19 cases around the globe as coronavirus cases continued to surge in the United States and stood at almost 18 million globally.

Benchmark Brent crude fell 43 cents, or nearly 1 percent, to $43.09 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 52 cents, or 1.3 percent, at $39.74 a barrel.

OPEC and allies such as Russia have agreed to trim their output cuts from August as demand continues to rise to pre-pandemic levels.

Russian oil and gas condensate output increased to 9.8 million barrels per day (bpd) on Aug. 1-2 from 9.37 million bpd in July as the country eases production curbs under an OPEC+ deal, Reuters reported, citing a source familiar with data.

On the coronavirus front, more countries imposed new restrictions or extended the current ones to stem the spread of Covid-19 as a global surge of new cases showed no sign of abating.

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