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Trade wars among factors for oil price decline in July, Russian Economy Ministry says

Oil prices changed after the OPEC+ decision to boost production

MOSCOW, August 1. /TASS/. Oil prices declined in July against the background of the OPEC+ decision to increase production and market concerns regarding global growth prospects because of initiated trade wars, the Russian Ministry of Economic Development said in its review on Wednesday.

"Oil prices changed to a decline after the OPEC+ decision to boost production. Concerns of market participants in respect of global growth prospects in the environment of unveiled trade wars become one more factor for dropping prices of oil and other commodities," the Ministry said.

Urals oil prices declined by $4.7 and were $73.1 per barrel as of month-end, according to the review.

OPEC data regarding the dramatic increase of oil production in Saudi Arabia in June, by more than 400 thousand barrels daily, also exerted pressure on the market.