Oil prices continue to lose, affected by increased OPEC+ production

Oil prices continued their losses during early trading on Monday, as investors assessed the increase in OPEC + production from next October, versus a sharp decline in Libya's production amid weak demand in China and the United States, the world's largest oil consumers. Brent crude futures fell 57 cents, or 0.7 %, to $76.36 a barrel. West Texas Intermediate crude futures fell 50 cents, or 0.7 %, to $73.05 a barrel. Both Brent and West Texas Intermediate crude suffered losses for two consecutive months as economic concerns in China and the United States outweighed the disruption of Libyan supplies and escalating geopolitical tensions in the Middle East. US Energy Information Administration data showed on Friday that oil consumption in the United States slowed in June to its lowest seasonal levels since the Covid-19 pandemic in 2020. Source: National Iraqi News Agency