As of 14:09 GMT, the price of September futures for Brent crude oil fell by 4.62% to $70.19 per barrel, sinking below $70 per barrel minutes earlier. September futures for WTI crude fell by 5.04% to $67.95 per barrel, while August futures for WTI were down 4.94% to 68.26 per barrel.
The main event for the oil market in recent days was the OPEC+ decision on the production cuts deal. The alliance on Sunday agreed to extend the agreement on limiting oil production for the period from May 2022 to the end of the year and, starting in August 2021, to increase production by 400,000 barrels per day each next month. In addition, it was agreed to increase the base of oil production cuts from May 2022 for Russia, Saudi Arabia, UAE, Iraq and Kuwait.