Oil falls 1% on OPEC+ oversupply, U.S. jobless data - Reuters

Oil falls 1% on OPEC+ oversupply, U.S. jobless data - Reuters:

Oil fell 1% on Thursday after Reuters reported OPEC+ needed to address daily oversupply of more than 2 million barrels, and the number of U.S. unemployment benefit claims rose unexpectedly, signalling a slow economic recovery.

Brent crude LCOc1 fell 47 cents, or 1%, to settle at $44.90 a barrel while West Texas Intermediate (WTI) CLc1 for September delivery ended the session 35 cents, or 0.8% lower, at $42.58 a barrel on the last day of trading. The more active October WTI contract CLV0 ended down 29 cents, or 0.7%, at $42.82 a barrel.

The Organization of the Petroleum Exporting Countries and its allies, known an OPEC+, said on Wednesday the pace of the oil market recovery appeared to be slower than anticipated with growing risks of a prolonged second wave of the pandemic.

Prices came under renewed pressure after Reuters reported that some OPEC+ members would need to cut output by an extra 2.31 million barrels per day (bpd) to make up for recent oversupply.