Brent crude drops over 1% after OPEC+ decision

Oil drilling rigs

Oil prices declined on Monday following a higher-than-expected output increase by OPEC+ in August, amid ongoing trade concerns over US tariffs.

Brent crude futures for September delivery fell 0.5%, or 35 cents, to $67.95 a barrel as of 08:00 am KSA time.

WTI crude futures for August delivery also dropped 1.2%, or 79 cents, to $66.21 a barrel.

OPEC+ agreed on July 5 to raise output by 548,000 barrels per day (bpd) in August — a faster pace than the monthly increases of 411,000 bpd approved for May, June, and July, and 138,000 barrels per day in April.

US President Donald Trump said the US is close to finalizing several trade deals in the coming days and will notify other countries of higher tariffs by July 9, with implementation set for August 1.