Oil Prices Slip on Monday

PUKMEDIA

Oil prices

Oil prices edged lower on Monday following the announcement of a significant production hike by the OPEC+ alliance and continued uncertainty surrounding global economic conditions.

Brent crude fell by $0.22, or 0.32%, to $68.08 per barrel, while WTI crude dropped $0.17, or 0.26%, to $66.33.

The decline comes after OPEC+ confirmed it would raise output by 548,000 barrels per day in August, a sharper increase than in previous months. Analysts suggest the move could lead to oversupply concerns if demand fails to rebound, particularly in the United States and Asia.

Markets are also closely monitoring ongoing trade discussions in Washington, as the potential reinstatement of certain tariffs could impact global energy demand.

Despite the slight drop, prices remain within a relatively stable range as investors await further economic data and energy demand indicators later in the week.



PUKMEDIA