India, Aug. 4 -- Crude oil declined on Monday as oversupply concerns and fears of a slowdown by the global economy brought on by US tariffs continue to play out.
Today, WTI Crude Oil was last seen trading, down by $1.06 (or 1.57%), at at $66.27 per barrel.
Yesterday, the OPEC+ alliance agreed to hike output by 547,000 barrels per day for September on top of the planned 548,000 bpd hike for August and the earlier July's target of 411,000 bpd.
As a result, fears of oversupply has gripped oil traders.
Coupled with this, prolonged trade war tension has also led traders to guess that demand for oil may decrease in the coming days as a high-tariff trade landscape could reduce energy consumption, bringing down oil prices. Of note, post August ...