Oil prices fall amid concerns of supply

On Monday oil prices slightly fell over concerns of supply, and the geopolitical nervousness continues to rumble markets.

West Texas Intermediate (WTI) fell $64.20 by 9am on Monday, then bounced back and traded 0.2% lower, Brent Crude also fell 0.2% and traded at around $66.33.

This week investors are keeping a close eye on OPEC+ over their output decisions including the discussions between the US and China’s trade decisions.

Morgan Stanley analysts that OPEC+ production increases are yet to be translates into output gains.

Analysts including Martijn Rats said on Monday, according to a Bloomberg report, “Notwithstanding the around one million-barrel-a-day increase in production quotas between March and June, an actual increase in production is hard to detect.

“Notably, it does not appear that production in Saudi Arabia has ramped up significantly.”