Oman News Agency Updates: Key Insights for Investors and Entrepreneurs Impacting Business in Oman
London, July 7 — Oil prices have regained losses from earlier sessions, turning to an upward trend propelled by actual supply shortages.
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, agreed last Saturday to increase production by 548,000 barrels per day in August, exceeding the prior increase of 411,000 barrels per day approved over the past three months.
During the session, Brent crude oil futures fell to $67.22 per barrel but later rose by 40 cents, or 0.6%, to $68.70 per barrel.
West Texas Intermediate (WTI) crude climbed by four cents to reach $67.04 per barrel after previously dropping to $65.40 per barrel earlier in the session.
Investors are concerned that potential higher tariffs could slow economic activities, thus impacting the demand for oil.
Priyanka Sachdeva, Senior Market Analyst at Philip Nova, stated, “Concerns regarding Trump’s tariffs remain prominent as we enter the second half of 2025, with a weakening dollar being the only support for oil at this time.”
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The recent increase in oil production by OPEC+ is likely to stabilize prices in the short term, presenting opportunities for businesses in Oman to capitalize on steady demand. However, the looming threat of higher tariffs could signal risks for economic growth, necessitating that smart investors stay vigilant about potential market volatility. Entrepreneurs should consider diversifying their portfolios to mitigate impacts from fluctuating oil prices and economic uncertainties.
Source: Oman News
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