Oil prices fell on European market on Friday to resume its losses, which were temporarily halted yesterday as part of a bounce from low levels, as concerns over global supply continued, especially after OPEC and Russia increased production in July. Hormuz.
By 0835 GMT, US crude dropped to $ 68.65 per barrel from the opening level of $ 68.96, recording a high of $ 69.15 and a low of $ 68.51.
Brent crude dropped to $ 73.15 per barrel from the opening level of $ 73.36 and recorded a high of $ 73.59 and a low of $ 73.07.
US crude for September delivery settled yesterday’s 1.7% gain in the first gain in three days, recovering from a six-week low of $ 66.91 per barrel.
Brent crude futures rose 1.1% in the first gain in three days after hitting a two-week low of $ 71.82 a barrel earlier in the session.
According to latest data on energy markets, the Organization of the Petroleum Exporting Countries (OPEC) increased its production by 300,000 barrels in July after an increase in the production of Saudi Arabia, Iraq and Nigeria.
Saudi Arabia’s output rose by 230,000 barrels per day in July to a total of 10.65 million barrels per day, the increase after OPEC and Russia agreed in June to increase world production by about 1 million bpd.
In Russia, Minister of Energy Alexander Novak announced an increase in oil production in the country, Russian production increased by 140 thousand barrels in July to a total of 11.21 million barrels, the highest level of production since October 2016.
Meanwhile, Fox News reported on Thursday that Iran had launched large-scale military exercises in the Strait of Hormuz, renewing fears over geopolitical tensions around the strait, where sea traffic is about 30 percent of world oil production.
US Central Command spokesman Bill Urban said his country was aware of Iran’s naval military operations inside the Persian Gulf and the Strait of Hormuz. “We are watching the situation closely and will continue to work with our partners to ensure the safety of maritime navigation in international waterways,” said US Central Command spokesman Bill Urban.