Global Oil Prices Slip as OPEC+ Boosts August Output
Global crude oil prices fell after OPEC+ agreed to increase August production targets, easing supply concerns.
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“Global Oil Prices Slip as OPEC+ Boosts August Output”
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6 Jul 2026
New Delhi, July 6 (IANS) Global crude oil prices traded nearly 1 per cent lower on Monday after the alliance of oil-producing nations agreed to further increase production from August, while the recovery in crude exports through the Strait of Hormuz signalled improving global supplies.
International oil benchmark Brent crude slipped 0.76 per cent or 55 cents to $71.55 per barrel, while U.S. West Texas Intermediate (WTI) crude declined nearly 1 per cent or 68 cents to trade below $69 per barrel.
The decline in oil prices came after OPEC+ agreed to raise its production targets for August, easing concerns over global supply shortages.
