Global oil prices fell by more than 1% after OPEC+ agreed to increase production targets from August, adding to expectations of higher global crude supplies.
Brent crude dropped to $71.10 per barrel, down 1.41%, while US West Texas Intermediate (WTI) crude fell to $67.89 per barrel. The decline followed OPEC+ members’ decision to raise output by 188,000 barrels per day from August, in addition to earlier production increases announced for June and July.
Market sentiment was also influenced by the gradual recovery of oil exports through the Strait of Hormuz and increased crude shipments from Gulf producers and Russia, easing concerns over supply disruptions.
Analysts said rising production and improving export volumes are putting downward pressure on prices, although lower oil prices could stimulate global demand in the coming months. Meanwhile, market participants continue to monitor geopolitical developments in the Middle East and the outlook for global energy demand.
