OPEC+ deal, pandemic fears send NYMEX crude plunging more than $5/b

摘要

A new OPEC+ deal to hike production volumes this year and throughout 2022 combined with rising COVID-19 fears and a broad Wall Street selloff sent crude prices plunging July 19 for the biggest singleday drop since the historic April 20, 2020, negative pricing event. Front-month NYMEX WTI plummeted more than 7%, down $5.39, to settle at $66.42/b, while ICE September Brent shed $4.97 to settle at $68.62/b. NYMEX August RBOB fell by 14.32 cents to $2.1104/gal, and August ULSD dropped 12.81 cents to $1.9852/gal.