1316 ET - The OPEC+ agreement to raise production by another 547,000 barrels a day in September sets oil on a downward path that could push prices to new 52-week lows, says Spartan Capital's Peter Cardillo. He sees futures "positioned to fall below $60 a barrel due to higher production and technical weakness." Crude futures are lower for a fourth straight session, with WTI and Brent both down 1.4%. "The uncertainty surrounding tariffs, combined with the OPEC+ decision, is likely to renew a bearish trend," Cardillo adds. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
August 05, 2025 13:16 ET (17:16 GMT)
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