Oil prices fell more than 4% this morning on the international market.

At 8:40 am (Brasilia time) this Monday (3), the September contract of WTI crude oil recorded a significant increase of 5.74% in New York Mercantile Exchange (Nymex), quoted at US$79.82/barrel. The October contract for the Brent It fell 4.83% in Intercontinental Exchange (ICE), trading at US$ 83.68/barrel.

In the last trading session (31), WTI advanced 1.29%, to US$ 84.67/barrel, while Brent recorded a rise of 1.21%, to US$ 87.93/barrel. In the week, the contracts accumulated gains of 3.53% and 2.29%, respectively.

In July, WTI crude oil rose by 21.8%, while Brent crude advanced by 23.5%. 

This morning, fuel prices were pressured by the market's reaction to US President Donald Trump's decision to suspend further bombings against Iran, with the aim of advancing negotiations for the complete reopening of the Strait of Hormuz.

Meanwhile, the seven countries of Organization of the Petroleum Exporting Countries and allies (OPEC+) They agreed, in a virtual meeting held yesterday (2), to increase production of the energy commodity by 188 thousand barrels per day (bpd) from September. This is the sixth consecutive monthly increase and the same volume increased in August and July.

The measure also concludes the gradual reversal of the 1.65 million bpd production cut agreed upon in 2023. 

This text was translated by machine from Brazilian Portuguese.