Oil prices were down sharply on Tuesday morning as investors priced in the possibility that the leading eight Opec+ producers might unwind voluntary productions cuts with a 180,000 b/d boost in October.
Brent crude dropped below the $70 per barrel benchmark this morning hitting $69.69 per barrel.
Production in Iraq’s semi-autonomous Kurdistan region saw production increase passing the 350,000 b/d, as Iraq’s central government vowed to get the rising production under control.
In further news the US Commodity futures Trading Commission fined the trading arm of French energy major Total Energy $48 million for attempting to manipulate European gasoline futures.
By Staff
