Reasons for the decline:

OPEC+ production increase: The alliance agreed to increase production by 547,000 barrels per day starting in September, indicating a growing supply glut.

Weak US jobs data: Weak job growth in July (only 73,000 jobs) dampened energy demand forecasts, increasing pressure on prices.

Export price concerns: Continuing trade tensions and tariffs raise concerns about global oil demand.

Technical Outlook:

Excess supplies and selling pressure if OPEC+ continues to raise production without strong demand support.