Oil steadies on reports of OPEC+ August output hike
Oil prices edged up slightly on Friday, recovering from a midday drop into negative territory following a report that OPEC+ was planning to hike production in August, but tumbled about 12% in the week in their biggest drop since March 2023.
Brent crude futures settled at $67.77 a barrel, up 4 cents, or 0.1%. US West Texas Intermediate crude finished up 28 cents, or 0.4%, at $65.52 a barrel.
Four delegates from OPEC+, which includes allies of the Organisation of the Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day in August, following a similar-size output increase already planned for July.
Crude prices were already headed for a 12% decline for the week following the cease-fire between Israel and Iran.
During the 12-day war, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after Trump announced the ceasefire.
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