Reported about 7 hours ago
Oil prices decreased by 1% at the start of trading on Monday after OPEC+ announced a significant increase in output, raising concerns over potential oversupply. Brent crude futures dropped to $67.63 per barrel while U.S. West Texas Intermediate crude fell to $65.80. OPEC+ decided to raise production by 548,000 barrels per day for August, marking a notable increase from previous months, citing strong global economic conditions and low oil inventories as justifications for the hike.
Source: YAHOO