Reported 4 months ago
Oil prices fell as OPEC and its allies unexpectedly revealed a plan to gradually increase production starting in October, earlier than anticipated by many. This decision added to the downward trend in crude prices over the past months. Global benchmark Brent crude futures decreased by 3.4% to over $78 per barrel, while West Texas Intermediate also dropped by 3.6% to near $74 per barrel, marking their lowest prices since February. Market analysts are divided on whether this move will align with OPEC's ability to effectively manage the fluctuating market dynamics and geopolitical risks, but it has already been impacting prices and causing concerns over ample supplies in the near future.
Source: YAHOO