Oil prices fell on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up. Brent crude fell 35 cents, or 0.8%, to $43.44 a barrel by 0852 GMT. West Texas Intermediate (WTI) crude was down 49 cents, or 1.2%, to $40.47 per barrel.
“The days of $100 oil are over,” says Bubba Trading founder and CEO Todd Horwitz.
The oil industry’s inroads to cutting supply are “dwarfed by the by the cuts that we’ve seen in demand,” even as states re-open their economies amid the coronavirus pandemic, says one oil expert.