Opec+ agreed on Saturday to extend the record cut for another month until the end of July to bolster efforts to clear the oil glut
London — Oil fell more than 1% towards $40 a barrel on Wednesday after a report showed a rise in crude inventories in the US, reviving concerns about oversupply and weak demand due to the coronavirus crisis.
Both benchmarks had hit three-month highs on Monday. Brent has more than doubled since falling to a 21-year low below $16 in April. But some analysts think the market has risen too far as the coronavirus pandemic continues. Prices have been supported by a record oil supply cut of 9.7-million barrels per day , about 10% of pre-coronavirus daily demand, by Opec, Russia and others, a group known as Opec+.
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