Oil prices fall on potential supply increase

Oil drilling rigs

Oil prices fell today, July 1, weighed down by the expectations of an increase in OPEC+ production in August and concerns about an economic slowdown driven by the possibility of higher US tariffs.

Brent crude was trading down 0.5% at $66.40 a barrel, at 08:05 am Makkah time. West Texas Intermediate (WTI) crude fell 0.75% to $64.74 a barrel.

OPEC+ plans to increase its oil production by 411,000 barrels per day (bpd) in August, following similar increases implemented in May, June, and July. This will bring the total increase in the alliance's supply to approximately 1.78 million bpd for the year, Reuters reported, citing sources familiar with the matter.

The American Petroleum Institute's report on US oil inventories is expected later today, before the official data from the US Energy Information Administration is released on July 2.