Oil prices fell on Tuesday as markets awaited the possibility of the OPEC+ alliance announcing a new increase in crude production during its upcoming meeting this week. Brent crude futures fell 12 cents, or 0.19 percent, to $64.62 a barrel. U.S. West Texas Intermediate crude fell 15 cents, or 0.24%, to $61.38 a barrel.
Eight countries in the OPEC+ alliance pledged additional voluntary cuts in oil production. The meeting is likely to set July production, which will include another additional production increase of 411,000 bpd.
OPEC+ agreed this month to accelerate oil production increases for a second straight month in June.
Source (Al-Arabiya.net Website, Edited)
