Reported 23 days ago
Oil prices fell as investors reacted to US tariff announcements and an unexpected increase in OPEC+ production for August. Brent crude dropped to $69.35 and West Texas Intermediate to $67.60 amidst concerns that new tariffs could negatively impact the global economy and oil demand. Despite this, some analysts noted a tight distillates market and rising investments from traders ahead of the summer demand peak. OPEC+ plans to raise output by 548,000 barrels per day has further complicated the market outlook.
Source: YAHOO