London: (Right Now News) On Monday, global crude oil prices saw a slight decrease. This was due to OPEC Plus announcing an increase in oil production for August.

Brent crude oil prices fell by 24 cents or 0.33%, reaching $71.88 per barrel. U.S. West Texas Intermediate crude oil dropped by 11 cents or 0.16%, trading at $68.58 per barrel.

OPEC Plus announced on Sunday that seven countries will provide an additional 188,000 barrels of oil daily in August. These countries include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

Experts suggest that the increase in oil production and the resumption of exports through the Strait of Hormuz could improve global supply. Pressure on prices is expected to remain.

It is worth noting that if Middle East security remains stable and oil supply is uninterrupted, fluctuations in crude oil prices are possible in the coming weeks.