Oil dips after OPEC+ delays meeting on supply decision | Reuters

Oil dips after OPEC+ delays meeting on supply decision | Reuters

Oil prices inched lower on Friday after OPEC+ ministers delayed a meeting on output policy as the United Arab Emirates balked at a plan to add back 2 million barrels per day (bpd) in the second half of the year.

U.S. West Texas Intermediate (WTI) crude futures were down 10 cents at $75.13 a barrel at 0501 GMT, having jumped 2.4% on Thursday to close at their highest since October 2018.

Brent crude futures inched down 7 cents to $75.77 a barrel, after rising 1.6% on Thursday.

Both benchmark contracts posted strong gains on Thursday over a plan backed by Saudi Arabia and Russia for the Organization of Petroleum Countries and allies, together known as OPEC+, that was more cautious than investors had expected. The proposal was for the producer group to add back 400,000 bpd each month from August through December 2021.