Although OPEC and its allies have reached an agreement to reduce production reduction from August, the U.S. crude oil inventory showed the largest decline in the year, and the European and American crude oil futures rose to the highest price in more than four months. On Wednesday (July 15), the settlement price of West Texas light crude oil in August 2020 on the New York Mercantile futures exchange was $41.2 a barrel, up $0.91/barrel, or 2.3%, from the previous trading day, with a trading range of $40.08-41.26 per barrel. The settlement price of Brent crude oil futures in September 2020 on Intercontinental Exchange of London was $43.79 per barrel, up $0.89 per barrel or 2.1% over the previous trading day, with a trading range of 42.7-43.85 per barrel.