OPEC+ hikes oil production by 547,000 barrels per day for September<\/p>\n
Oil prices slipped on Friday, weighed down by a stronger U.S. dollar and the possibility that OPEC+ will further increase its crude oil output.<\/p>\n
Dado Ruvic | Reuters<\/p>\n
OPEC+ agreed on Sunday to raise oil production<\/a> by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia.<\/p>\n OPEC+ cited a healthy economy and low stocks as reasons behind its decision.<\/p>\n “Given fairly strong oil prices at around $70, it does give OPEC+ some confidence about market fundamentals,” said Amrita Sen, co-founder of Energy Aspects, adding that the market structure was also indicating tight stocks.<\/p>\n In early Asian trade on Monday, Brent crude futures<\/a>\u00a0fell 43 cents, or 0.62%, to $69.24 a barrel by 2218 GMT, while U.S. West Texas Intermediate<\/a>\u00a0crude was at $66.94 a barrel, down 39 cents, or 0.58%, after both contracts closed about $2 a barrel lower on Friday. \u00a0<\/p>\n