The price of Brent crude fell below $72 a barrel, according to trade data. This is a record low in more than a month since June 11th.

By the time the material was prepared, the price of the September futures was $71.61 per barrel. At the minimum, oil prices dropped to $71.46 per barrel. WTI price fell below $70 per barrel.

On July 18, OPEC+ participants agreed to increase oil production by the end of the year by 0.4 million barrels per day, starting in August. Until the end of 2022, they have extended a regulation agreement that restricts production. Earlier, the agreement was hampered by the position of the UAE, but the country is going not to hinder the consensus in exchange for increasing its quota. The perspectives of a breakdown in the deal raised concerns among experts, who were expecting a new price war.