WTI crude futures fell to around $67.1 per barrel on Monday, marking a third consecutive session of losses after OPEC+ agreed to a substantial production hike for September. The group announced plans to raise output by 547,000 barrels per day next month in a bid to reclaim market share amid potential supply disruptions tied to Russia. The move follows heightened US pressure on India to curb Russian oil imports, as Washington pushes for a peace deal in Ukraine, one President Trump wants secured by August 8. Trump has threatened 100% secondary sanctions on buyers of Russian crude, potentially jeopardizing up to 2.75 million barrels per day of seaborne exports, mainly to China and India. Crude prices have also been weighed down by Trump’s retaliatory tariffs, which took effect on August 1 and darkened the outlook for global growth and energy demand.
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