OPEC+, a coalition of OPEC members and allies, including Russia, made an unexpected decision in its recent meeting to increase oil production by 548,000 barrels per day in August. This surprise move immediately impacted the oil market.

Oil Price Drop Following OPEC+’s Decision

Following this decision, Brent crude oil price dropped by 47 cents, or 0.69 dollars, to 67.83 dollars per barrel. Similarly, West Texas Intermediate (WTI) oil prices fell by 1.42%, or 0.95 dollars, to 66.05 dollars per barrel.

Uncertainty Around US Tariffs and Impact on Oil Prices

Reuters highlighted the uncertainty around US tariffs and their potential impact on global economic growth as another factor contributing to the decline in oil prices. This uncertainty has raised concerns in the oil market and led to price reductions.

Source: EghtesadOnline