Crude prices fell nearly 1% on Thursday with the market bracing for a surge in supplies after reports that an output deal between the Organization of the Petroleum Exporting Countries (OPEC) and its allies has been reached. Brent crude futures were down 59 cents, or 0.8%, to $74.17 a barrel. The US crude benchmark West Texas Intermediate dropped 62 cents, or 0.9%, and stood at $72.51 a barrel. Thursday’s price decline followed another significant drop the previous day, with both benchmarks losing more than 2% after reports came out that OPEC+ reached a deal on an oil production increase. Also on rt.com
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