Oil prices slumped in early Asian trading on Monday (August 4th), after OPEC+ agreed to another large production increase in September.
Brent crude fell 43 cents, or 0.62%, to $69.24 a barrel at 22:18 GMT, while U.S. West Texas Intermediate crude was at $66.94 a barrel, down 39 cents, or 0.58%, after both contracts closed about $2 a barrel lower on Friday.
OPEC+ agreed on Sunday to increase oil production by 547,000 barrels per day for September, the latest in a series of accelerated production increases to regain market share amid growing concerns over potential supply disruptions linked to Russia.
This move marks the full reversal and beginning of OPEC+'s largest production cuts, plus a separate production increase for the United Arab Emirates of about 2.5 million barrels per day, or about 2.4% of global demand.
In a statement after the meeting, OPEC+ cited healthy economies and low stockpiles as the reasons behind its decision. "The actual increase since April is smaller than the headline figure and consists primarily of barrels from Saudi Arabia and the UAE," RBC Capital Markets analyst Helima Croft said in a note.
"The bet that the market can absorb additional barrels appears to have paid off for holders of spare capacity this summer, with prices not significantly different from pre-Tariff Free Day levels." (alg)
Source: Reuters
Oil prices fell over 1% on Tuesday as OPEC+'s decision to pause output hikes in the first quarter next year along with weak manufacturing data and a stronger dollar weighed on the market. Brent crude...
Oil dipped after a four-day run of gains as the market weighed OPEC+'s decision to pause output hikes early next year and contrasting views on supply. West Texas Intermediate traded near $...
Oil prices were little changed despite news that OPEC+ plans to end its supply increases, with the market weighed down by concerns about oversupply and weak factory data in Asia. Brent crude futures ...
Oil prices rose in early Asian trading after OPEC and its allies (OPEC+) agreed to increase production by 137,000 barrels per day in December. Despite the increase, the group stated that it would not ...
Oil prices headed for a third straight monthly decline, falling on Friday (October 31st) due to a stronger US dollar, weak Chinese data, and rising supply from major global producers. Brent crude fut...
Silver (XAG/USD) weakened on Tuesday to around $47.70 per ounce, down 1.10% on the day, after attempting to extend its recent rally beyond $49.50. Selling pressure increased as the US dollar (USD) strengthened, supported by expectations of tighter...
The US dollar held near a three-month high on Tuesday (November 4th) as a divided Federal Reserve prompted traders to reduce their bets on a rate cut, while the Japanese yen strengthened after a verbal warning from Tokyo officials. The pound...
Oil prices fell over 1% on Tuesday as OPEC+'s decision to pause output hikes in the first quarter next year along with weak manufacturing data and a stronger dollar weighed on the market. Brent crude futures fell 82 cents, or around 1.3%, to...
Asian stocks opened lower on Tuesday, reversing Wall Street's rally fueled by Amazon's massive $38 billion deal with OpenAI. Stock markets in South...
Asian stock markets moved mixed on Monday, November 3, 2025. Japan led the gains: the Nikkei 225 remained near its record high of around 52.4...
European stocks opened slightly higher in November, with the STOXX 50 and STOXX 600 gaining 0.2%, after closing near record highs in October....
The economic activity in the United States' (US) manufacturing sector continued to contract in October, with the Institute for Supply Management's...