Oil prices fall as OPEC+ increases supply, worsening concerns about oversupply.

Oil prices in Asia fell in early trading, after OPEC+ agreed to significantly increase production, raising concerns about global oversupply. At the same time, the ongoing trade war led by the US may be causing damage to economic growth and energy consumption. Brent crude oil prices fell slightly to around $69 per barrel, while West Texas Intermediate crude oil prices were close to $67 per barrel. OPEC+ approved an additional production increase of 547,000 barrels per day starting in September, in line with market expectations. Additionally, the potential cancellation of around 1.66 million barrels per day of production cuts is uncertain at this time. After three months of rising prices, crude oil prices have begun to fall, with a significant drop last Friday due to weak US employment data sparking concerns about slowing growth in the world's largest economy following a series of tariff measures by the Trump administration. However, traders are weighing the possibility that Washington may take action later this week on Russian oil exports, including targeting buyers like India, to increase pressure on Moscow to cease military actions in Ukraine.