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Oil Prices Drop today and this is why

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According to oil prices statistics, the prices of oil dropped more than 1% on Monday.This is largely due to concerns about a crude surplus as COVID-19 infections continue to rise in the US, Europe, and Asia while the OPEC+ group of producers overcame internal divisions and agreed to boost output. The cartel on Sunday decided to increase the oil supply from August until December 2021 by a further 2 million bpd or 0.4 million bpd a month. It also aims to fully phase out cuts by around September 2022. The OPEC+ agreed new production allocations for several members from May 2022, including the UAE, Saudi Arabia, Russia, Kuwait and Iraq. The UAE will see its baseline production, from which cuts are being calculated, increase to 3.5 million bpd from May 2022 from today's 3.168 million. At around 03:15 AM GMT, WTI crude shed 1.3% to a near one-month low of $70.86 a barrel Meantime, Brent oil sank 1.4% to $72.6 a barrel, its lowest since early June.
Crude oil

The West Texas Intermediate (WTI) benchmark for US crude is the world's most actively traded commodity. Crude Oil prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
Energy Price Day Weekly Monthly YTD Date
Crude Oil

USD/Bbl
71.0700 0.74 -1.03 % -4.25% -2.97% 46.23% 06:28
Brent

USD/Bbl
72.8400 0.75 -1.02 % -3.26% -2.92% 40.37% 06:28
Natural gas

USD/MMBtu
3.7040 0.03 0.82% -1.20% 16.08% 45.88% Jul/19
Gasoline

USD/Gal
2.2354 0.0182 -0.81 % -1.96% 1.63% 58.33% 06:28
Heating oil

USD/Gal
2.0925 0.0208 -0.98 % -2.78% -1.73% 40.84% Jul/19
Ethanol

USD/Gal
2.3200 0.00 0.00% 0.00% -5.69% 61.90% Jul/16
Naphtha

USD/T
674.20 4.02 0.60% -0.56% 8.26% 55.81% Jul/16
Propane

USD/Gal
1.10 0.00 0.15% -0.24% 16.31% 70.83% Jul/16
Uranium

USD/Lbs
32.4000 0.10 -0.31% -0.46% 0.00% 5.54% Jul/16
Methanol

CNY
2,665.00 16.00 0.60% 5.25% 7.59% 10.31% Jul/19
Metals Price Day Weekly Monthly YTD Date
Gold

USD/t.oz
1814.07 3.18 0.18 % 0.45% 1.74% -4.35% 06:28
Silver

USD/t.oz
25.535 0.125 -0.49 % -2.43% -1.54% -3.10% 06:28
Platinum

USD/t.oz
1101.26 1.24 -0.11 % -1.36% 4.68% 3.43% Jul/19
Agricultural Price Day Weekly Monthly YTD Date
Soybeans

USd/Bu
1471.2500 16.5 1.13 % 2.90% 3.96% 12.57% 06:28
Wheat

USd/Bu
705.0000 13.00 1.88% 11.33% 6.58% 10.07% Jul/19
Lumber

USD/1000 board feet
546.00 55.30 11.27% -22.28% -39.66% -37.46% Jul/16
Palm Oil

MYR/T
4,178.00 41.00 0.99% 8.15% 23.21% 16.06% Jul/19
Cheese

USD/Lbs
1.6160 0.01 -0.49% -2.30% -2.30% -1.82% Jul/16
Milk

USD/CWT
16.68 0.07 -0.42% -1.01% -3.53% 5.57% Jul/16
Coffee

USd/Lbs
161.20 4.30 2.74% 7.75% 7.79% 25.69% Jul/16
Wool

AUD/100Kg
1,428.00 0.00 0.00% 0.56% -1.38% 21.95% Jul/16
Tea

USD/Kgs
3.34 0.00 0.00% 17.61% 18.02% 16.38% Jul/16
Sugar

USd/Lbs
17.66 0.33 1.90% 2.20% 6.71% 14.01% Jul/16
Cocoa

USD/T
2,310.00 30.00 -1.28% -0.35% -0.04% -11.26% Jul/16
Orange Juice

USd/Lbs
126.50 6.40 -4.82% 1.32% 7.57% 2.64% Jul/16
Canola

CAD/T
932.00 14.50 1.58% -1.77% 24.58% 48.05% Jul/19
Cotton

USd/Lbs
90.55 0.12 -0.13% 2.42% 7.68% 15.91% Jul/19
Rubber

JPY/Kg
209.60 1.50 -0.71% -3.14% -12.96% -22.02% Jul/19
Oat

USd/Bu
437.2500 1.25 0.29% 6.91% 20.29% 21.21% Jul/19
Rice

USD/cwt
0.1321 13.10 -99.00% -98.96% -98.96% -98.92% Jul/19
Corn

USd/BU
567.7500 12.25 2.20% -9.92% -13.88% 17.30% Jul/19
Livestock Price Day Weekly Monthly YTD Date
Beef

BRL/Kg
20.35 0.04 0.20% 0.35% -2.44% 12.18% Jul/16
Poultry

BRL/Kgs
7.67 0.00 0.00% 2.82% 3.93% 27.62% Jul/16
Feeder Cattle

USd/Lbs
155.6250 1.75 -1.11% -2.23% -1.13% 12.00% Jul/16
Live Cattle

USd/Lbs
120.2250 0.90 -0.74% 0.84% 0.10% 4.52% Jul/16
Lean Hogs

USd/Lbs
105.4750 1.18 1.13% -4.98% -4.98% 50.09% Jul/16
Industrial Price Day Weekly Monthly YTD Date
Copper

USD/Lbs
4.2970 0.0355 -0.82 % -0.64% 2.58% 22.07% Jul/19
Coal

USD/T
148.60 3.48 2.40% 8.68% 24.56% 82.96% Jul/16
Steel

CNY/T
5,562.00 110.00 2.02% 14.07% 14.12% 31.80% Jul/19
Iron Ore

USD/T
222.50 1.00 0.45% 2.06% 0.68% 40.38% Jul/16
Lithium

CNY/T
89,000.00 0.00 0.00% 0.00% 0.00% 91.40% Jul/19
Bitumen

CNY/T
3,202.00 6.00 0.19% -3.73% -2.85% 34.42% Jul/16
Cobalt

USD/T
52,500.00 0.00 0.00% 3.96% 17.87% 63.09% Jul/16
Lead

USD/T
2,311.05 11.20 -0.48% -0.86% 9.37% 16.97% Jul/16
Nickel

USD/T
19,057.50 293.00 1.56% 1.53% 11.17% 15.13% Jul/16
Molybdenum

USD/Kg
42.75 7.75 -15.35% -15.35% -15.35% 81.91% Jul/16
Aluminum

USD/T
2,485.25 2.50 -0.10% 0.45% 3.95% 25.47% Jul/19
Tin

USD/T
33,422.50 227.50 -0.68% 4.33% 10.98% 64.52% Jul/19
Zinc

USD/T
2,984.50 5.75 -0.19% 0.24% 3.32% 8.49% Jul/19
Palladium

USD/t.oz
2,639.86 9.86 0.37% -7.59% 2.11% 7.85% Jul/19
Soda Ash

CNY/T
1,922.00 20.00 1.05% 1.05% 4.12% 43.43% Jul/16
Neodymium

CNY/T
665,000.00 10,000.00 1.53% 1.53% 12.71% 6.83% Jul/16
Tellurium

CNY/Kg
572.50 2.50 -0.43% -1.29% -1.72% 23.12% Jul/16
Iron Ore 62% fe

USD/T
219.77 1.09 0.50% 1.85% 2.37% 41.02% Jul/16
Gallium

CNY/Kg
2,100.00 0.00 0.00% -0.71% -2.10% 20.69% Jul/16
Germanium

CNY/Kg
7,700.00 0.00 0.00% 0.00% 1.99% 8.45% Jul/16
Manganese

CNY/T
32.75 0.00 0.00% 1.55% 1.55% 4.80% Jul/16
Indium

CNY/Kg
1,115.00 0.00 0.00% 0.00% -2.62% -6.30% Jul/16
Rhodium

USD/t oz.
19,700.00 0.00 0.00% 11.93% -13.41% 15.88% Jul/16
Index Price Day Weekly Monthly YTD Date
CRB Index

Index Points
225.93 0.36 0.16% 0.37% 4.09% 26.72% Jul/16
LME Index

Index Points
4,183.50 11.80 -0.28% -0.08% 3.21% 22.52% Jul/16
S&P GSCI

Index Points
2,575.47 4.08 0.16% -0.33% 3.08% 30.27% Jul/16
EU Carbon Permits

EUR
53.20 0.23 0.43% -1.95% 4.50% 62.59% Jul/16
Solar Energy Index

USD
409.92 5.23 -1.26% -3.81% 1.89% -12.17% Jul/16
Wind Energy Index

USD
345.35 0.13 -0.04% -3.03% -2.93% -9.15% Jul/16
Nuclear Energy Index

USD
1,333.95 1.94 -0.15% -0.26% -1.23% 6.17% Jul/19

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