On Monday, oil prices declined in Asian markets at the start of trade. This happened at a time when traders were waiting for the results of the OPEC meeting in which the suggestion of increasing oil supply is expected. The price of crude oil has seen an uptick in the past due to a decrease in oil supply.

The price of Brent crude oil fell by 27 cents at 6:44 am on Monday morning, after which it was priced at US $ 42.97 per barrel. At the same time, West Texas Intermediate crude oil lost 28 cents to reach the level of US $ 40.27 per barrel.

Many oil prices have not seen a huge change in the past week. This occurred when movement restrictions were imposed in the US provinces following the rise of corona virus cases. These restrictions may reduce oil consumption in the world's largest oil consuming country.

But on Friday, oil prices saw a rise of two per cent when the International Energy Agency raised its estimate of oil demand in the year 2020 to demand four lakh barrels of oil per day.

Oil prices were at their decades-old level in April. But OPEC and its partners, including Russia, called OPEC Plus, decided to reduce oil supplies by 9.7 million barrels per day for three months from May.

OPEC's Joint Ministerial Monitoring Committee will decide on a reduction on the following days on the following Tuesday and Wednesday.

OPEC and Russia may increase oil supply after global oil demand and prices improve.

According to Stephen Innes, strategist for global markets at Exicorp, according to the OPEC Plus agreement, oil production and US production shortfall from next month could put pressure on the supply equation. ''

Libya has exported its crude oil for the first time in six months on Friday, following a ban imposed by the eastern powers. But after this, oil exports have been banned once again on Sunday.

Libya's National Oil Corporation has accused the United Arab Emirates of once again imposing a ban on oil exports by directing the eastern forces of the Libyan civil war.

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