India, Aug. 5 -- Crude oil prices fell on Tuesday amid the US intensifying pressure on India to stop buying oil from Russia as well as OPEC+'s recent decision to boost production.
Today, the WTI Crude Oil for September delivery has slumped by $1.05 (or 1.58%) to $65.24 per barrel.
On Sunday, OPEC+ member-nations agreed to raise oil production by 547,000 barrels per day for September.
This hike following the earlier increases of 548,000 bpd in August, 411,000 bpd in May, June, and July, and 138,000 bpd in April, which started the process of reversing their voluntary production cuts.
The next OPEC meeting is on September 7, when it is expected to announce another production hike.
OPEC has based its decision on its estimates that demand f...