Prices of oil futures dropped in overnight trade while supply concerns fueled market uncertainty the previous week. Meanwhile, Saudi Arabia announced that the country plans to increase oil production to 13 million barrels per day.
Previously, Saudi Arabia stated that the Organization of Petroleum Exporting Countries (OPEC) and its partners will continue to assess market conditions and take appropriate action. Meanwhile, rising cases of positive COVID-19 patients in China prompt concerns about nationwide lockdowns, seemingly reducing demand in the world's biggest consumer.
West Texas Intermediate (WTI) for deliveries in August fell by 1.39% to go for $96.23 per barrel at 8:58 pm ET, while Brent for September settlements plummeted by 1.04%, to sell for $99.51 per barrel at the same time.
