Oil prices fall as OPEC+ output hike eases concerns about Russian supply disruptions

                                                                                                                                
       Brent crude futures settled down $1.12, or 1.63%, at $67.64 a barrel, while West Texas Intermediate crude futures fell $1.13, or 1.7%, to $65.16 a barrel. Both benchmarks fell to their lowest levels in five weeks.
       The Organization of the Petroleum Exporting Countries and its allies (collectively known as OPEC+) agreed on Sunday to increase oil production by 547,000 barrels per day in September, a move that would end their recent production cuts earlier than planned.
       "The significant increase in OPEC supply is weighing on the market," said Andrew Lipo, president of the Lipo Petroleum Institute.
U.S. services sector activity was unexpectedly flat in July, with little change in orders and further weakening employment, despite the biggest increase in input costs in nearly three years. This also weighed on prices, highlighting the continued drag of uncertainty surrounding the Trump administration's tariff policy on businesses.
       "The market will now focus on whether India and China agree to significantly reduce their purchases of Russian crude oil, allowing them to find alternative supplies," Lipo said.
       Trump renewed his threat on Tuesday to raise tariffs on Indian goods within the next 24 hours over India's purchases of Russian oil. He also said lower energy prices could force Russian President Vladimir Putin to end the war in Ukraine. New Delhi called Trump's threat "unjustified" and vowed to protect its economic interests, exacerbating the trade rift between the two countries.
       John Evans of oil broker PVM said in a report that oil price movements since Trump's threat suggest traders are skeptical about the possibility of supply disruptions. He questioned whether Trump would risk pushing oil prices higher.