WTI drops to $72.50 as OPEC+ said to discuss a possible increase of oil output from August

Dhwani Mehta FXStreet

The OPEC and its allies (OPEC+) are discussing a possible further increase of oil output from August, Reuters reports, citing sources with the knowledge of the matter.

Earlier on, Bloomberg reported that Russia is said to consider proposing an OPEC+ output hike at the meeting next week because the nation sees a supply deficit in the market.

These come ahead of the meeting between Russia’s Deputy Prime Minister Alexander Novak and the country’s main producers on Tuesday to discuss the market situation.

Market reaction

Amid chatters over a potential hike in oil output, WTI surrendered the $73 level while Brent eased back below $75.

At the press time, WTI drops 0.70% on a daily basis to trade at $72.59.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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