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Oil prices fell in early Asian trading, weighed down by OPEC+'s latest decision to increase production again.

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GOLDEN FINANCE reported that on July 6, oil prices fell in early Asian trading. Prices were dragged down by OPEC+’s renewed decision to increase production. After holding an online meeting on Sunday, the organization said it would raise production by about 188,000 barrels per day in August, marking a fifth consecutive month of production increases. However, analysts from ANZ Research said in a report, “Even as the Strait of Hormuz reopens, due to ongoing risks facing vessels, member countries may find it difficult to take advantage of these added production capacities.” The analysts also noted, “Over the weekend, people reportedly saw several ships suddenly turn back as they tried to pass through the strait along the Oman route.” Front-month West Texas Intermediate crude futures fell 0.6% to $68.29 per barrel; front-month Brent crude oil futures fell 0.7% to $71.64 per barrel.
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