COMMODITY
Crude oil futures settle higher despite production hike by OPEC+
Jul-08-2025

Crude oil futures ended higher on Monday undermining the oversupply concerns triggered by July 6 OPEC+ meeting. The Organization of Petroleum Exporting Countries and their allies, (OPEC+) has agreed to increase production by 5,48,000 barrels per day (bpd ) in August. This is more than the 4,11,000 bpd hike they committed for May, June, and July. However, oil prices managed to garner some gains as traders seem to be more concern about the macroeconomic consequences of US tariffs in the coming days.

Benchmark crude oil futures for August surged $0.93 or about 1.39% at $67.93 a barrel on the New York Mercantile Exchange. Brent crude for September gained $1.02 or about 1.49% at $69.32 a barrel on London's Intercontinental Exchange.

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