Oil price declined, back to last week level
At the end of a volatile day, oil closed lower. ICE Brent for September delivery (the new front month) settled at $109.03/b, that is a 3.0% loss. And, NYMEX WTI moved -3.7% to $105.76/b. OPEC+ ambassadors decided to raise output quota by 648kb/d in August, in line with expectations. This was the final output increase of the…