New Delhi, July 8 -- War clouds over Iran have cleared, even though US President Donald Trump's tariff policy has impacted global demand conditions. As it happens, both these factors favour crude oil consumers.

On Monday, Brent crude oil prices fell to $67.83 per barrel after the Organization of the Petroleum Exporting Countries (Opec) and its allies raised their production target by 548,000 barrels per day for August.

Also Read: Counter-intuitive: Why Opec wants lower oil prices

While Brent later rebounded, this extra supply would exceed the cartel's last increase of 411,000 barrels per day for the preceding three months (a major ramp-up). The cartel cited tight supply and healthy demand, although the global market's story is quite th...