Oil Prices Decline As OPEC+ Expected To Boost Output

(MENAFN- Yolo Wire) %Oil prices continue to slide lower as tensions in the Middle East ease and energy traders brace for a further boost in output by the OPEC+ cartel.

Brent crude oil, the international standard, is lower at $68.34 U.S. per barrel, while West Texas Intermediate (WTI) crude oil is down 0.64% at $66.56 U.S. a barrel.

The current price decline comes as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is expected to raise its output by 411,000 barrels per day at its policy meeting on July 5 and 6.

Additionally, demand in China, which is the world's biggest oil importer, is currently at its lowest pace in nine months as new export orders fall.

In the U.S., a surprise build-up of crude oil inventories also highlighted demand concerns in the world's biggest energy consumer.

U.S. oil drillers in recent days have cut the number of rigs they're operating by seven to 425, their lowest level since September 2021.

Energy traders say the current situation is conspiring to push crude prices lower in the near-term, a situation that many forecast will continue throughout the summer and into autumn.

The current price decline is dragging lower stocks of oil majors such as %Chevron (NYSE: $CVX), %Shell (NYSE: $SHEL), and OccidentalPetroleum (NYSE: $OXY).

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