India, July 6 -- Crude oil prices have inched higher on Monday as oil tanker traffic across the Strait of Hormuz increased gradually while the Organization of Petroleum Exporting Countries agreed to increase output. Tension due to differences between the U.S. and Iran despite a ceasefire limited the losses.
WTI Crude Oil for August month delivery was last seen trading down by $0.15 (or 0.22%) at $68.54 per barrel.
Yesterday, after a virtual meeting to review the global energy market conditions, seven countries of the Organization of Petroleum Exporting Countries announced plans to boost oil production.
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