SINGAPORE – Brent crude futures fell 24 cents, or 0.33 percent, to $71.88 a barrel after closing 0.45 percent higher last Friday. U.S. West Texas Intermediate crude settled at $68.58 a barrel, down 11 cents, or 0.16 percent.
Both benchmark contracts posted little overall change last week following several weeks of declines, as investors monitored developments in U.S.-Iran talks over regional shipping security and tracked the recovery in oil exports from Gulf producers.
The Organisation of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, agreed on Sunday to raise production targets by 188,000 barrels per day starting in August, following similar output increases implemented in June and July.
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OPEC’s crude oil production rose by 3.3 million barrels per day in June from the previous month, reaching 19.43 million barrels per day, rebounding from its lowest level in more than two decades.
Gulf oil exports ALSO increased by more than three million barrels in June compared with May, surpassing 10 million barrels per day. Despite the rebound, export volumes remained about 40 percent below pre-war levels.
Russian crude exports also remained strong, with shipments from the country’s western ports reaching a record high in June. Exports are expected to remain elevated in July after Ukrainian drone attacks damaged several Russian refineries, prompting Moscow to divert more crude to international markets.
