Oil Drops After OPEC+ Supply Hike Amplifies Concerns Over Glut

Bloomberg.com · last updated August 3, 2025 – 9:01 PM

Oil fell after OPEC+ agreed to another major output increase, stoking concerns about global oversupply just as the US-led trade war may be exacting a toll on economic growth and energy consumption.

Brent edged lower toward $69 a barrel, while West Texas Intermediate was near $67, after OPEC+ endorsed an additional 547,000 barrels-a-day of output from September, in line with expectations. It’s uncertain whether additional supply curbs will be relaxed in the coming months.

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