KONTAN.CO.ID - SINGAPORE. Oil prices moved in a thin range on Friday as markets shrugged off the decision of OPEC+ to increase production and questioned whether the incremental output could make up for lost supply from Russia and meet China's growing demand amid easing COVID restrictions. U.S. West Texas Intermediate (WTI) crude futures dropped 29 cents to $116.58 a barrel at 0408 GMT, while Brent crude futures were down 15 cents at $117.46 a barrel. A decision on Thursday by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, to boost output by 648,000 barrels per day (bpd) in July and August, instead of by 432,000 bpd as previously agreed, was seen as hardly enough for a tight market.
Oil Prices Sit Tight as OPEC+ Plan Disappoints
KONTAN.CO.ID - SINGAPORE. Oil prices moved in a thin range on Friday as markets shrugged off the decision of OPEC+ to increase production and questioned whether the incremental output could make up for lost supply from Russia and meet China's growing demand amid easing COVID restrictions. U.S. West Texas Intermediate (WTI) crude futures dropped 29 cents to $116.58 a barrel at 0408 GMT, while Brent crude futures were down 15 cents at $117.46 a barrel. A decision on Thursday by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, to boost output by 648,000 barrels per day (bpd) in July and August, instead of by 432,000 bpd as previously agreed, was seen as hardly enough for a tight market.