Brent Crude Oil Prices Fall 80

Brent crude oil prices fell to below $80 a barrel on Monday for the first time since February, after an OPEC+ meeting in which members agreed that countries could starting phasing out voluntary output cuts starting in October.

Oil prices have been underpinned by Ecuador, Libya and Nigeria declaring forces majeures this month on part of their oil production because of maintenance issues and oilfield shutdowns.

Benchmark Brent oil saw choppy moves earlier while U.S. crude prices fell after data pointing to the highest oil inventories in the United States in at least 80 years.

Brent crude oil prices fell to below $80 a barrel on Monday for the first time since February, after an OPEC+ meeting in which members agreed that countries could starting phasing out voluntary output cuts starting in October.

Oil prices have been underpinned by Ecuador, Libya and Nigeria declaring forces majeures this month on part of their oil production because of maintenance issues and oilfield shutdowns.

Benchmark Brent oil saw choppy moves earlier while U.S. crude prices fell after data pointing to the highest oil inventories in the United States in at least 80 years.