Oil prices fall after OPEC+ decision on oil production

World oil prices are falling on July 7 morning after the meeting of eight OPEC+ countries, which decided to increase the maximum level of oil production in August, Report informs referring to trading data.

The price of September futures for Brent crude oil fell by 0.44%, to $68 per barrel, and August futures for WTI decreased by 0.36%, to $66.26.

On July 5, eight OPEC+ countries - Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman - decided to accelerate the exit from voluntary restrictions: they are increasing the maximum level of oil production in August by 548,000 barrels per day at once.