India, July 10 -- Crude oil fell on Thursday amid concerns about a supply increase for August by OPEC+, huge crude stock inventory in the US, and intensifying US tariff pressures.
WTI Crude Oil for August delivery tumbled by $1.81 today to settle at $66.57 per barrel.
September month Brent Crude contract was last seen trading, down by $1.56, to $68.63 per barrel.
At a July 6 meeting, the OPEC+ alliance agreed to ramp up oil production to add 548,000 barrels per day to global supply, contrary to the expected 411,000 bpd hike. A key non-OPEC+ member, Russia, also consented with this decision.
Reportedly, the cartel is expected to make another super-sized increase in September.
OPEC+, in its 2025 World Oil Outlook forecast, stated that th...