Oil Prices Edge Lower Amid Rising Supply & Demand Concerns

PUKMEDIA

Oil prices.

Oil prices slipped on Tuesday, 5 August 2025, amid mounting concerns over oversupply, as OPEC+ pressed ahead with a substantial production increase despite a subdued demand outlook. This move outweighed the potential for tighter Russian oil flows due to evolving U.S. trade policies.

According to Reuters, Brent crude futures fell by 11 cents, or 0.16%, to $68.65 per barrel by 04:24 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude declined by 12 cents, or 0.18%, to $66.17 per barrel.

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, agreed on Sunday to boost oil output by 547,000 barrels per day (bpd) for September. This decision effectively brings forward the reversal of the bloc’s largest output cuts, which had amounted to around 2.5 million bpd—or approximately 2.4% of global demand. However, analysts caution that the actual volume returning to the market is likely to be lower.

Moreover, U.S. President Donald Trump has threatened to impose 100% secondary tariffs on countries purchasing Russian crude, such as India, following the introduction of a 25% tariff on Indian imports in July.



PUKMEDIA