Oil futures fall for the month, but hold on to a year-to-date gain

Oil futures fell on Thursday to tally a loss for the month, but held on to a gain so far this year. The Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, confirmed an existing agreement to boost production in August. The decision either illustrates the group’s “inability to boost production above what is planned,” or its “indifference to do so in order to meet western demand,” said Hakan Kaya, senior portfolio manager at Neuberger Berman. West Texas Intermediate crude for August delivery CLQ22, -3.65% fell $4.02, or 3.7%, to settle at $105.76 a barrel on the New York Mercantile Exchange. Based on the front-month contracts, prices fell 7.8% for the month, but trade nearly 41% higher year to date, according to Dow Jones Market Data.