Brent crude prices slipped to $69.25 per barrel, down 0.6%, after OPEC+ announced a significant production increase of 547,000 barrels per day starting in September.

The decision marks the fifth consecutive month of output hikes, as key producers such as Saudi Arabia and the UAE unwind earlier voluntary cuts. The move added pressure to global oil prices, which were already weighed down by weak demand signals from the U.S. and Asia. Analysts warn that the rapid return of supply could lead to a potential oversupply later this year if global demand remains sluggish. Despite the dip, market volatility continues due to ongoing geopolitical risks and trade tensions.

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