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Why did crude oil prices fall to $80 a barrel?

Brent crude oil prices fell to below $80 a barrel on Monday for the first time since February, after an OPEC+ meeting in which members agreed that countries could starting phasing out voluntary output cuts starting in October.

Why did OPEC sell off crude oil?

The market did not like the OPEC plus policy decision of phasing out the voluntary cuts of 2.2 million barrels per day from October 2024 to September 2025, in sign that members want to export more. This triggered a selloff in crude oil prices on Monday, WTI crude fell 3.6 per cent while Brent Crude was down 3.39 falling to four months low level.

What happened to Brent crude oil prices?

Brent crude oil prices hit their all-time high of $147.50/bbl during the oil market boom in July 2008. However, WTI futures contract prices dropped to as low as negative $40/bbl on April 20, 2020, driven largely by a lack of U.S. storage options during the COVID-19 pandemic.

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