30 June 2025 | Oil

Oil prices continue to decline as OPEC+ considers raising output

Oil prices continue to decline as OPEC+ considers raising output

Oil prices fell further on Monday, extending their sharpest weekly decline in two years. The downward pressure was driven largely by aggressive bearish bets from hedge funds, reacting to the temporary truce between Iran and Israel and expectations of increased production from OPEC+ nations, Bloomberg reports.

Brent crude fell to $66.60 a barrel following last week’s 12% plunge, while WTI dropped to $65.20.

According to Bloomberg, Iran has expressed doubts about whether its deal with Israel will last, although US President Donald Trump signaled willingness to ease restrictions on Tehran if it continues to engage in peaceful dialogue.

Meanwhile, key OPEC+ members are considering boosting output by 411,000 barrels per day in August. If approved, this would mark the fourth consecutive month of such significant production increases, triple the initially planned volumes, says the news agency.

Elena Dorokhina MarketCheese
Period: 30.09.2026 Expectation: 8000 pips
Go long on Bre nt crude with $90.50 target
Yesterday at 12:33 PM 36
Period: 31.08.2026 Expectation: 6500 pips
Buy SPX upon testing 7,645
Yesterday at 12:33 PM 34
Gold buy
Period: 10.09.2026 Expectation: 250 pips
Invest in gold as Fed rate hike odds fade
Yesterday at 08:39 AM 65
Period: 24.08.2026 Expectation: 3250 pips
Buying silver with $67 target
Yesterday at 08:39 AM 25
Period: 07.09.2026 Expectation: 3000 pips
Selling GBPUSD on dollar's fundamental edge
07 August 2026 50
Period: 14.08.2026 Expectation: 600 pips
Go long on EURUSD on weak US jobs data
07 August 2026 54
Go to forecasts