Crude prices pared losses recorded at the opening of the Asian session, heading for some gains at the beginning of trading in the European session today, Monday, August 4, the opening session of the week, after absorbing the OPEC+ decision to increase production in September. Brent crude rose by about 0.14%, trading at $69.77 per barrel, while US crude (NYMEX) traded at $67.51 per barrel, up about 0.27%.

Eight countries (Saudi Arabia, the UAE, Kazakhstan, Russia, Iraq, Kuwait, Algeria, and Oman) agreed on Saturday to increase production by 547,000 barrels in September for the fifth consecutive month. This increase is the latest in a series of increases that began in April with an increase of 136,000 barrels, followed by increases in May, June, and July of 411,000 barrels, then an increase of 548,000 barrels in August, and finally on Saturday with an increase of 457,000 barrels in September.

Goldman Sachs maintained its forecast for Brent crude prices at $64 per barrel in the fourth quarter of this year and $56 per barrel next year, noting in a recent note that recent developments and pressures on exports from Russia and Iran could support crude prices.