Oil Posts First Monthly Drop This Year as OPEC+ Hikes Supply
- Group rubber-stamps further increase in production for August
- Biden to ask Persian Gulf allies for an oil output increase
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Oil marked its first monthly decline since November as OPEC+ completed the return of output it halted during the pandemic and signs emerged that the US economy was on weaker footing than expected.
West Texas Intermediate dropped below $106 a barrel on Thursday, posting a monthly decline of 7.8%. OPEC+ rubber-stamped an increase in supply for August, but focus is turning to how much those members with spare production capacity will pump once the current agreement ends. President Joe Biden said he’ll request more output at the Gulf Cooperation Council forum next month rather than ask Saudi Arabia directly.