Texas crude accelerates its fall to 8% and loses $ 66

New York, Jul 19 (EFE) .- The price of intermediate oil from Texas (WTI) continued to accelerate its fall this Monday, which was already around 8% and with the barrel falling below 66 dollars in the middle of concern about the advance of the delta variant of covid-19 and following the agreement of OPEC + to gradually increase production.

At 1:30 p.m. local time (17:30 GMT), benchmark crude in the United States was down 7.83% or $ 5.62, reaching a price of $ 66.19.

Shortly before, the WTI price had reached below $ 66, with a decline of more than 8%.

Black gold was on its way to the biggest recent drop this Monday, having recently reached 77 dollars a barrel, its highest price in more than six years.

Today’s falls come after this Sunday the OPEC countries and their allies, led by Russia, agreed to increase their joint production in a staggered manner over the next five months, reaching an additional 2 million barrels per day (mbd). in December.

In this way, the alliance known as OPEC + reduces to about 3.8 mbd its cut agreed in April 2020 – then 9.7 mbd – in response to the coronavirus crisis and the collapse of global demand for crude oil.

The announcement came in parallel to an increase in concern in the markets about the rebound in covid-19 cases in many countries, linked to the expansion of the delta variant, and which threatens to affect the economic recovery.

Thus, the stock market also recorded significant losses today, with the Dow Jones of Industrialists, the main indicator on Wall Street, falling at this time more than 2.60% and heading to its worst day so far this year.

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