Oil Prices Decline Amid US Tariff Uncertainty and OPEC+ Output Increase

Reported about 14 hours 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

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