The August contract, which expires on Thursday, fell $1.05, or 0.9%, to $115.21 a barrel.The OPEC+ group of producers, including Russia, on Thursday agreed to stick to its output strategy after two days of meetings. The producer club avoided discussing policy from September onwards.
Sanctions on Russian oil since Russia's invasion of Ukraine have helped send energy prices soaring, stoking inflation and recession fears. Price declines in the oil market were exacerbated as US traders squared positions ahead of the three-day Fourth of July holiday weekend.But further disruptions to supply could limit price declines amid a suspension of Libyan shipments from two eastern ports while Ecuador output fell because of ongoing protests.
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