Brent crude oil settled at $78.45 per barrel and WTI at $74.20, finding stability after the OPEC+ ministerial meeting confirmed the extension of existing voluntary supply curbs.
**OPEC+ Decision Summary:**
- Voluntary cuts of 2.2 million b/d extended to September 30, 2025
- Saudi Arabia's unilateral 1 mb/d cut also extended
- Next meeting scheduled for October 2025
**Market context:**
Oil prices had been under pressure over concerns about weak Chinese demand and rising US inventory levels. The extension provides a supply floor, but analysts note significant downside risks remain if global growth disappoints.
**Macro relevance for traders:**
Oil price movements have direct implications for inflation data, which in turn influence central bank decisions from the Fed and ECB. For GCC traders, oil dynamics also affect regional currency and equity sentiment.
**Technical levels (Brent):**
- Resistance: $80.00, $82.50
- Support: $76.50, $74.00
*Risk Warning: Commodity prices are volatile. This article is for informational purposes only.*