[Global Oil Prices] Weakness Continues Amid OPEC+ Output Hike Deal; Saudi Arabia Cuts Oil Prices

[Financial News]  

Global oil prices ended slightly lower on the 6th, local time.
The market was little changed from last weekend's close after OPEC Plus (OPEC+) agreed to raise output from August and Saudi Arabia lowered its official selling prices.
Brent Crude Oil for September delivery, the global benchmark, fell $0.14, or 0.19%, from the previous session to close at $71.99 per barrel.
West Texas Intermediate crude oil (WTI) for August delivery, the U.S. benchmark, fell $0.13, or 0.20%, to settle at $68.55 per barrel. WTI did not trade on the 3rd due to the U.S. substitute holiday for Independence Day.
Global oil prices have stabilized after falling last week to levels seen before the start of the Iran war on Feb. 28.
The weakness has continued as oil-producing countries move to expand supply.
The United Arab Emirates (UAE), which withdrew from OPEC, reportedly produced more than 3.8 million barrels of oil per day last month, nearing an all-time high.
Saudi Arabia decided to cut the August Asian selling price for its benchmark Arab Light crude by $1.50 per barrel versus the Oman/Dubai average.
Earlier, OPEC+ agreed on the 5th to increase output by 188,000 barrels per day from September.

dympna@fnnews.com Song Kyung-jae Reporter