Oil Prices Stabilize After OPEC+ Production Hike Report

London: Oil prices saw a slight uptick on Friday after a midday dip, spurred by reports of an impending output increase by OPEC+ in August. Despite this recovery, prices suffered a significant weekly decline, marking the largest drop since March 2023.

According to Radio Television Brunei, Brent crude futures closed at $67.77 per barrel, a marginal rise of 4 cents or 0.1%. Meanwhile, U.S. West Texas Intermediate crude ended the trading session up by 28 cents, or 0.4%, at $65.52 per barrel. This modest recovery followed news that OPEC+ plans to increase production by 411,000 barrels per day in August, building on a similar output hike already scheduled for July.

The report was confirmed by four delegates from OPEC+, which is an alliance including members of the Organization of the Petroleum Exporting Countries and other allied nations. The planned increase aims to balance the global oil market, which has been experiencing fluctuations in demand and supply dynamics.