Oil Prices Rise Despite An Influx Of OPEC+ Crude

Oil prices jumped on Monday morning, recuperating earlier losses, on the first trading day after OPEC+ eased its record oil production cuts by 2 million barrels per day (bpd), while surging COVID-19 cases have dampened the optimism for a swift oil demand recovery. As of 10:57 a.m. EDT on Monday, WTI Crude was up 1.14 percent at $40.73 and Brent Crude up 0.64 percent at $43.80. The easing of the 9.7-million-bpd production cuts of the OPEC+ group to a 7.7-million-bpd cut as of August 1 is weighing on market sentiment, even though OPEC’s de…