Tuesday 01/July/2025 – 09:37 AM
Oil prices fell during Tuesday’s trading, affected by the expectations of increasing the production of “OPEC+” in August during the July 6 meeting, and fears of an economic slowdown driven by the possibilities of increasing American customs duties.
Brent crude futures fell September delivery – the most active contract – by 0.5% or 34 cents to 66.40 dollars, at 08:05 am Mecca time.
The prices of the American “NIMEX” crude futures for August delivered 0.75% or 37 cents to $ 64.74.
According to Reuters quoted sources familiar with the matter, OPEC+ plans to increase its oil production by 411 thousand barrels per day during the month of August, after similar increases in May, June and July, bringing the total increase in coalition supplies to about 1.78 million barrels per day during the year.
The American Petroleum Institute report is expected to be issued on the United States oil stocks later today, before announcing the official data from the US Energy Information Administration tomorrow, Wednesday.
