Oil fell after OPEC+ agreed to another major output increase, stoking concerns about global oversupply just as the US-led trade war may be exacting a toll on economic growth and energy consumption.
Brent edged lower toward $69 a barrel, while West Texas Intermediate was near $67, after OPEC+ endorsed an additional 547,000 barrels-a-day of output from September, in line with expectations. Another layer of about 1.66 million barrel-a-day of curbed supply may follow, although there’s no clear signaling.