Algerian Radio
Oil prices recorded a slight decline at the start of trading this Monday, reacting to an increase in market supply, which eased fears regarding supply shortages.
During the morning session, the price of Brent crude for September delivery fell by 0.71% to reach $71.61 per barrel.
Similarly, its US counterpart, West Texas Intermediate (WTI) crude for August delivery, dropped by 0.66% to $68.24 per barrel.
Yesterday, Sunday, seven countries from the "OPEC+" group decided to raise their total production by 188,000 barrels per day starting next August.
Furthermore, a gradual resumption of transit traffic through the Strait of Hormuz has been recorded recently.
Kpler, a company specializing in tracking ship movements, recorded between 30 and 60 vessels crossing the strait daily, the majority of which were commercial.
