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: 31.10.2026 Expectation: 1700 pips
Selling EURUSD on fundamentally strong dollar
Today at 10:00 AM 12
Gold sell
Period: 31.10.2026 Expectation: 4000 pips
Go short on gold with $4,300 in mind
Yesterday at 04:54 AM 25
Period: 31.10.2026 Expectation: 100 pips
Buy Brent crude upon breaking $104.60
Yesterday at 04:54 AM 23
Period: 02.11.2026 Expectation: 1700 pips
GBPUSD sell-off targets 1.3200
22 September 2026 41
Period: 31.10.2026 Expectation: 300 pips
Buying AUDCAD with 1.0000 in sight
21 September 2026 45
Period: 31.10.2026 Expectation: 700 pips
Invest in USDJPY up to 157.70
21 September 2026 39
Go to forecasts