Monday, June 15, 2026
Oil drops 5% on weak demand outlook and higher OPEC supplies- oil and gas 360

Oil drops 5% on weak demand outlook and higher OPEC supplies

Reuters NEW YORK  – Oil prices fell more than 5% on Thursday as rising coronavirus cases around the world dampened the demand outlook, and a rise in OPEC output last month also pressured prices. Brent crude LCOc1 futures fell $2.22, or 5.3%, to $40.08 a barrel by 11:10 a.m. ET (1510 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 futures were down $2.44, or