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Why did crude oil futures trade lower on Tuesday?

Crude oil futures traded lower on Tuesday morning as the market felt that global supply could increase by the end of the year. At 9.52 am on Tuesday, August Brent oil futures were at $77.75, down by 0.75 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $73.56, down by 0.89 per cent.

What are oil futures?

Futures contracts are agreements to buy or sell a standardized amount of an asset at a specific price on a specific future date. WTI and Brent futures contracts each represent 1,000 barrels of oil per contract. How do you invest in oil futures?

Will OPEC+ cut crude oil in 2024?

However, OPEC+ announced it woulkd maintain the production output cut of 3.6 million barrels a day till the end of 2024, and decided to phase out the 2.2 million barrels a day cut between October 2024 and September 2025. Following this, market players felt that the global supply of crude oil could increase later this year.

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