Oil prices fall 1% after OPEC+ pushes to increase production

Oil prices fell 1% in early trading on July 7 after the Organization of the Petroleum Exporting Countries and its partners (OPEC+) accelerated production increases, raising concerns about oversupply.

OPEC+7 agreed to increase production by 548,000 barrels per day in August.

Specifically, Brent crude futures fell 67 US cents, equivalent to 1%, to 67.63 USD/barrel, while US light sweet crude (WTI) was at 65.80 USD/barrel, down 1.20 USD, equivalent to 1.8%. Previously, oil prices fell slightly while waiting for the decision from OPEC+.

On July 5, OPEC+7 agreed to increase production by 548,000 barrels per day in August. The increase is a jump from the 411,000 barrels per day OPEC+ approved for May, June and July, as well as the 138,000 barrels per day increase in April. OPEC+ cited a stable global economic outlook and market fundamentals, including low oil inventories, as reasons for releasing more oil into the market.

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Source: https://baolaocai.vn/gia-dau-giam-1-sau-khi-opec-day-manh-tang-san-luong-post648109.html