# Oil Prices Slip on Reports That OPEC Production Hits Fresh 2018 High

> Oil prices edged lower on July 31 after a Reuters survey showed OPEC output rose 70,000 bpd in July to 32.64 million bpd, a 2018 high. WTI and Brent futures each slipped about 0.4%. Saudi Arabia's suspension of Red Sea shipments following Houthi attacks on tankers remained in focus.

- Date: 2018-07-31 · published 2018-07-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/64199-oil-prices-slip-on-reports-that-opec-production-hits-fresh-2018-high
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Higher OPEC supply offsets outages and tempers crude gains, which lowers diesel and energy costs for feed mills and transport. Supply disruptions in the Red Sea and Iran keep upside risk alive.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- finance.yahoo.com: https://finance.yahoo.com/news/oil-prices-slip-reports-opec-080300862.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.