Oil prices jumped on Monday morning, recuperating earlier losses, on the first trading day after OPEC+ eased its record oil production cuts by 2 million barrels per day (bpd), while surging COVID-19 cases have dampened the optimism for a swift oil demand recovery.
As of 10:57 a.m. EDT on Monday, WTI Crude was up 1.14 percent at $40.73 and Brent Crude up 0.64 percent at $43.80.
The easing of the 9.7-million-bpd production cuts of the OPEC+ group to a 7.7-million-bpd cut as of August 1 is weighing on market sentiment, even though OPEC’s de facto leader Saudi Arabia has said that it would keep its oil exports in August at the same level as in July, confirming earlier reports that it would not be rushing to boost supply to the market.
Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.