Brent Crude falls to below $64 per barrel

Brent crude futures fell to below $64 a barrel on Monday, following a 3.3% gain in the previous session, after OPEC+ decision to gradually ease production cuts from May to July, and as coronavirus infections continue to rise, raising further risks to energy demand.

Major oil producers will increase output by 350,000 barrels per day in May, 350,000 bpd in June and 450,000 bpd in July.

On Thursday, Brent jumped over $2 a barrel after the cartel decision. Markets were closed on Friday because of the Easter holiday.

Brent Crude oil is a major benchmark price for purchases of oil worldwide.

Source: Trading Economics