Oil prices continued to decline on Monday following a decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to implement another significant production increase in September, amid growing concerns over a slowdown in the U.S. economy, the world’s largest oil consumer.
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According to Bloomberg News, Brent crude futures fell by 40 cents to settle at $69.27 per barrel, while U.S. West Texas Intermediate (WTI) dropped 37 cents, reaching $66.96 per barrel.
On Sunday, OPEC+ agreed to raise oil production by 547,000 barrels per day in September, marking the latest in a series of accelerated output hikes aimed at regaining market share. The group cited economic strength and declining inventories as key reasons behind the move.
Analysts at Goldman Sachs project that the actual increase in supply from the eight countries that have ramped up production since March could reach 1.7 million barrels per day, or about two-thirds of the announced increase, due to production cuts by other members who had previously overproduced.
— (Petra)
