Oil prices declined on Monday following an announcement by OPEC+ to increase output more than expected for August, amid ongoing concerns over rising U.S. tariffs.
Brent crude futures for September delivery fell 0.5% or 35 cents to $67.95 per barrel as of 8:00 a.m. Mecca time. Meanwhile, U.S. WTI crude for August delivery dropped 1.2% or 79 cents to $66.21 per barrel.
On Saturday, the OPEC+ alliance agreed to raise production by 548,000 barrels per day starting in August—an acceleration compared to previous monthly increases of:
138,000 barrels in April
411,000 barrels in May, June, and July
In related news, U.S. President Donald Trump stated on Sunday that the U.S. is close to finalizing several trade agreements, adding that other countries would be notified of higher tariffs by July 9, with implementation starting August 1.
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