Oil Price Today (July 6): Crude oil extends fall, hovers below $72. Here are 2 major reasons for the decline

Brent crude fell to $71.88 per barrel while WTI slipped to $68.58 as OPEC+ agreed to raise production targets by another 188,000 barrels per day from August, following similar hikes for June and July. Macquarie Group sharply cut its Brent forecasts to $77 per barrel for 2026 (from $89) and $64 per barrel for 2027 (from $74), citing faster-than-expected normalisation of Middle East crude flows after the US-Iran interim peace agreement. Gulf oil exports rebounded in June, climbing over 3 million barrels per day month-on-month, though volumes remained about 40 percent below pre-war levels.