Oil prices fall as OPEC+ output hikes counter Russia disruption concerns
Oil prices slipped on Tuesday as rising OPEC+ supply and worries of weaker global demand countered concern about U.S. President Donald Trump's threats to India over its Russian oil purchases.
Brent crude futures settled $1.12, or 1.63%, lower to $67.64 a barrel, while U.S. West Texas Intermediate crude slipped $1.13, or 1.7%, to $65.16. Both benchmarks settled to their lowest in five weeks.
The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, a move that will end its most recent output cut earlier than planned.
Also weighing on prices, U.S. services sector activity unexpectedly flatlined in July with little change in orders and a further weakening in employment even as input costs climbed by the most in nearly three years, underscoring the ongoing drag of uncertainty over the Trump administration's tariff policy on businesses.
Trump on Tuesday again threatened higher tariffs on Indian goods over the country's Russian oil purchases over the next 24 hours. Trump also said declining energy prices could pressure Russian President Vladimir Putin to halt the war in Ukraine. New Delhi called Trump's threat "unjustified" and vowed to protect its economic interests, deepening a trade rift between the two countries.
Source : Reuters
