Oil prices decline after OPEC countries' production costs rise

A study from Reuters shows that OPEC countries' production rose in July by 70,000 barrels per day to USD 31.6 million per day.

Photo: /ritzau/AP/LM Otero

Oil prices declined Thursday after a report showed that OPEC member states' oil output reached its highest point this year in July. However, the loss was limited as concerns around supply gradually dwindlled.

Brent oil declined by 7 percent after a 0.9 percent increase Monday, while US WTI oil declined by USD 0.6 Tuesday after a 2 percent increase over the past few days. 

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