Oil production increases to 1 million barrels per day

Oil prices receded on Monday (25), with investors preparing for 1 million barrels per day (bpd) extra oil on the market, after OPEC agreed to increase production, and with United States stock markets falling Fear of a trade war.

The future contracts of the Brent oil closed in low of US $0.82, or 1.1%, at US $74.73 per barrel. U.S. oil (WTI) dropped us $0.50, for us $68.08 the barrel.

"Commercial tensions and general fears of the market Pressioram oil today," said Bill Baruch, president of Blue Line futures.

The indices of U.S. stock sank into a wide settlement, because of the escalation of trade tensions between the US and China.

Losses in American oil prices were limited by the likelihood that an outage of 360,000 bpd in Syncrude unit in Canada continued during the month of July. The interruption should limit the oil that comes to Cushing's, Oklahoma, the delivery point for future U.S. contracts. Source: G1, globe.

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