Reuters: Oil rises despite OPEC+ output hike plan; supply still tight
Oil rose higher on Friday, supported by expectations that OPEC’s decision to increase production targets by slightly more than planned won’t much affect tight global supply and by rising demand as China eases Covid restrictions.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, on Thursday agreed to boost output by 648,000 barrels per day (bpd) a month in July and August rather than 432,000 bpd as previously agreed. Brent crude rose $1.80, or 1.5%, to $119.41 a barrel.
U.S. West Texas Intermediate (WTI) crude advanced $1.80, or 1.5%, to $118.67.
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Update #1: Oil prices reverse higher as US inventories dive while energy giant says OPEC+ output boost isn't enough (Insider)
Update #2: Oil Soars As Traders Realize What OPEC+ Did (Zero Hedge)
WNU Editor: Here are three reasons why oil prices are climbing .... 3 reasons high oil prices are here to stay (CNN).
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