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6/30, 4:10 PM (Source: TeleTrader)
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Oil prices drop, WTI down over 2%

The prices of oil futures dropped on Thursday, with WTI falling over 2% after OPEC+ confirmed today that it will be sticking to its plan to up production in August.

The notice seemingly brought down supply concerns, despite the Energy Information Administration's (EIA) report, which revealed that crude inventories in the US decreased by 2.8 million. Earlier, OPEC+ agreed to up the deliveries by 648,000 barrels per day in July and August.

West Texas Intermediate (WTI) for deliveries in August lost 2.15% at 10:03 am ET to sell for $107.68 per barrel. A minute later, Brent for the same month's settlements fell 1.08% to go for $115.10 per barrel.

Baha Breaking News (BBN) / AY