As China’s promise to reform its economy fails to impress, the price of crude oil continues to decline

Brent futures dropped 3 cents to $82.77 per barrel, while May U.S. West Texas Intermediate (WTI) dropped 11 cents to $78.63. On Monday, WTI ended the day down $1.24 at $78.74 a barrel, while Brent finished 75 cents lower at $82.80 a barrel.

To maintain prices in the face of worries about the global economy and rising supply outside the group, the Organization of the Petroleum Exporting Countries and its allies, or OPEC+, decided to extend their voluntary oil output restrictions of 2.2 million barrels per day into the second quarter on Sunday.

A preliminary on Monday predicted that U.S. crude oil stocks rose last week, but distillates and gasoline stockpiles were predicted to have decreased. In the week leading up to March 1, oil inventories increased by an average of almost 2.6 million barrels.

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