Oil prices decline amid rising OPEC supply

Oil prices went down on Tuesday as a survey showed that the total output of OPEC (Organization of the Petroleum Exporting Countries) in July hit its highest level this year, reports Xinhua from New York.

The Reuters survey released on Monday suggested

that OPEC increased production this month by 70,000 barrels per day (bpd) to 32.64 million bpd, a new high for the year.

Meanwhile, Russian energy minister Alexander Novak said last week that Russia’s output will hit a new 30-year high of 11.02 million bpd this year.

Analysts said the latest news from Russia and OPEC signaled that the global market would be less tight later this year, which weighed on the oil prices.

The West Texas Intermediate (WTI) for September delivery lost 1.37 U.S.  dollars to settle at 68.76 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery erased 0.72 dollar to close at 74.25 dollars a barrel on the London ICE Futures Exchange.

 

Oil prices decline amid rising OPEC supply

Oil prices went down on Tuesday as a survey showed that the total output of OPEC (Organization of the Petroleum Exporting Countries) in July hit its highest level this year, reports Xinhua from New York. The Reuters survey released on Monday suggested that OPEC increased production this month by 70,000 barrels per day (bpd) to 32.64 million bpd, a new high for the year. Meanwhile, Russian energy minister Alexander Novak said last week that Russias output will hit a new 30-year high of 11.02 million bpd this year. Analysts said the latest news from Russia and OPEC signaled that the global market would be less tight later this year, which weighed on the oil prices. The West Texas Intermediate (WTI) for September delivery lost 1.37 U.S. dollars to settle at 68.76 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery erased 0.72 dollar to close at 74.25 dollars a barrel on the London ICE Futures Exchange.