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Oil prices slip on OPEC+ September output hike
August 05, 2025
|Business World Philippines
Oil prices fell on Monday after OPEC+ agreed to another large production hike in September, adding to supply, but worries about disruptions in Russian oil shipments to major importer India limited losses.
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Brent crude futures fell 18 cents, or 0.26%, to $69.49 a barrel by 0456 GMT while US West Texas Intermediate (WTI) crude was at $67.21 a barrel, down 12 cents, or 0.18%, after both contracts closed about $2 a barrel lower on Friday.
The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed on Sunday to raise oil production by 547000 barrels per day (bpd) for September, the latest in a series of accelerated output hikes to regain market share. It cited a healthy economy and low stockpiles as reasons behind its decision.
هذه القصة من طبعة August 05, 2025 من Business World Philippines.
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