Oil: WTI Falls to $66.50 After OPEC+ Price Increase

OPEC+ has confirmed an anticipated increase in oil production of 547,000 barrels per day, effective September. This decision marks the completion of a gradual reversal of the voluntary cuts implemented in 2023. While this move was expected, it has heightened concerns that global oil supply may outpace demand later this year, potentially leading to an increase in inventories. Uncertainty remains regarding the possibility of OPEC+ suspending further supply increases. Additionally, weak employment figures in the United States have intensified worries about an economic slowdown. This concern is compounded by the recent wave of tariffs imposed by the Trump administration, which adds further pressure on the economy. Traders are also closely monitoring potential U.S. actions against Russian oil flows. President Trump has threatened secondary sanctions against countries purchasing Russian crude, particularly targeting India, with possible measures set to take effect as early as August 8.