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2 weeks ago

Oil prices hover near pre-conflict levels as OPEC+ boosts output again

Oil prices hovered near pre-conflict levels Sunday after OPEC+ agreed to increase production again, adding to global crude supplies as exports through the Strait of Hormuz continued to recover following months of disruption.The oil-producing alliance said it will raise output targets by 188,000 barrels per day beginning in August, marking its third consecutive monthly increase as it gradually unwinds production cuts implemented in 2023.The decision reflects easing concerns about a lingering global supply crunch. Oil exports from the Persian Gulf have begun rebounding after the Strait of Hormuz...