Oil Prices Drop Following Unexpected OPEC+ Announcement
Oil prices fell on Monday, July 7, following an unexpected announcement by OPEC+ to increase production starting in August, combined with growing concerns over American tariffs and their potential impact on global demand.
Brent and WTI Prices Plummet
- Brent lost 47 cents (-0.69%) to settle at $67.83 per barrel.
- West Texas Intermediate (WTI) fell $0.95 (-1.42%) to $66.05.
OPEC+ Meeting: A Surprise Decision
The OPEC+ meeting on Saturday, July 5, resulted in a decision to increase production by 548,000 barrels per day in August, a significantly higher rate than previous monthly increases (411,000 barrels in May, June, and July, and 138,000 barrels in April).
