Oil slips 1% after OPEC output hike, BP's oil well find - Breaking The News

Oil slips 1% after OPEC output hike, BP's oil well find

4 August

1 min read

EPA/TANNEN MAURY

Crude oil prices declined by more than 1% on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies decided to increase oil production by 548,000 barrels per day (bpd) in September during their latest virtual meeting yesterday. British oil and gas company BP PLC also revealed that it had located a new oil and gas well in Brazil's Santos basin, touting the discovery as the "largest in 25 years."

West Texas Intermediate (WTI) for settlements in September dipped by 1.16% at 5:02 am ET to $66.58 per barrel. Meanwhile, Brent for October's deliveries slipped by 1.19% to $68.85 per barrel at 5:03 am CET.

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