Oil Prices Dip on Monday

PUKMEDIA

Oil prices

Oil prices edged down today following OPEC+'s announcement of a substantial production increase for September.

Brent crude stood at approximately $69.50 per barrel, down about 0.6%, while WTI crude traded near $67.25 per barrel, slipping by roughly 0.12%.

OPEC’s planned output rise of 547,000 barrels per day aims to reclaim market share, even amid softer global demand. Analysts warn that this supply jump could exert further downward pressure, particularly given weak Asian consumption and ongoing macroeconomic uncertainties.

Goldman Sachs has held its mid‑2025 Brent forecast at around $66 per barrel, while warnings persist over oversupply risks and potential instability stemming from geopolitical tensions and energy infrastructure attacks.



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