Crude oil under pressure as G7, OPEC+ boost supply outlook

Crude oil slipped below $90 per barrel in Monday?s electronic trade as a planned release of 100 million barrels of crude and fuel by the G7 added to concerns over rising global supply. OPEC+ also kept its October-November production quota unchanged at 31.01 million barrels per day for the eight members covered, although actual output in August was only around 25 million barrels per day. Persistent Middle East tensions provided some support, but were outweighed by the prospect of additional supply. MCX October crude futures fell 3% to ₹8,639 per barrel.

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