OPEC+ to raise oil output for 5th straight month

Seven OPEC Plus members say they will boost crude oil production again in August, marking the fifth consecutive month of higher output. The major oil producers, including Saudi Arabia and Russia, agreed at an online meeting on Sunday to raise output by 188,000 barrels per day next month.

That is the same size hike as they made in July. WTI oil futures in New York have retreated since the United States and Iran signed a memorandum of understanding aimed at ending their conflict. Traders are speculating that crude supplies from the Middle East are on track to recover. The OPEC Plus members' decision could drive crude prices even lower.