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Oil drops below $64 with a rising supply from OPEC

Oil fell to below $64 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States and expectations of a wider demand recovery in 2021.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July.

OPEC member Iran, exempt from making voluntary cuts, is also boosting supply.

Brent crude for June fell $1.36, or 2.1 percent to $63.50 a barrel by 1120 GMT. 

Oil has recovered from historic lows last year with the support of record OPEC+ cuts, most of which will remain after July, and some oil demand recovery that is expected to gather pace in the second half of the year.-Cgtn Africa

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Author: CGTN AFRICA

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