AI-Summary – News For Tomorrow
German economic data painted a mixed picture. July exports fell 0.6%, surprising economists, while imports dipped 0.1%, narrowing the trade surplus. However, industrial production rose 1.3%. Oil prices climbed, with Brent crude reaching $66.45 a barrel. OPEC+ agreed to a modest production increase of 137,000 barrels per day starting in October, significantly less than previous months. The Guardian’s Business Today newsletter provides daily business news and analysis.
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Shipments from Europe’s biggest economy dropped by 0.6% from the previous month, against economists’ forecasts of a 0.1% gain. Imports were also down, by 0.1%. The country’s foreign trade surplus reduced to €14.7bn from €15.4bn in June, and compared with €17.7bn in July 2024.
On a brighter note, German industrial production rose by 1.3% in July.
Brent crude rose by 1.5% to $66.45 a barrel.
On Sunday, eight members of OPEC+ agreed to lift production from October by 137,000 barrels per day, far below the monthly increases of 555,000 bpd in September and August, and 411,000 bpd in July and June.
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