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Seven OPEC+ countries agreed to raise oil production by a combined 188,000 barrels per day in August. It was the fifth consecutive monthly increase by the group.
A small, scheduled supply addition reinforces a softer crude outlook, which typically lowers diesel and fertilizer costs for feed buyers.
apnews.comWyatte Grantham-PhilipsJul 5, 2026After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
