Oil falls as OPEC+ plans to raise output while virus cases increase - Reuters

Oil falls as OPEC+ plans to raise output while virus cases increase - Reuters:

Oil prices fell 1% on Thursday after OPEC+ agreed to ease record supply curbs and as new infections of the novel coronavirus continue to surge in the United States.

Both benchmark Brent and U.S. crude have remained above $40 a barrel for the last several weeks. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, lowered daily supply beginning in May and demand worldwide has rebounding, helping prices to stabilize.

Fears of a second wave of cases of COVID-19 - led by the United States - are keeping the rally in check. Nearly 600,000 people worldwide have died of the disease, according to a Reuters tally.

Brent LCOc1 fell 42 cents, or 1%, to settle at $43.37 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 fell 45 cents, or 1.1%, to settle at $40.75 a barrel.