Energy Preview: WTI crude oil prices slump over 1% in early Asia

WTI crude oil slumped on Monday morning in Asia after the Organization of the Petroleum Exporting Countries and allies (OPEC+) agreed to a bigger-than-expected production increase in August. OPEC+ reportedly agreed on Saturday to hike their collective crude production by 548,000 barrels per day (bpd), as they continue to unwind a set of voluntary supply cuts. This is faster than the 411,000 bps expected. Currently, the counter is quoting at $66.09 per barrel, down over 1% on the day. Meanwhile, the total number of active drilling rigs for oil and gas in the United States fell yet, according to new data that Baker Hughes published on Thursday, following a 7-rig decrease in the week prior. The total rig count in the US fell by 8 to 539 rigs, according to Baker Hughes, down 46 from this same time last year.

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