Oil dips; OPEC+ sticks to gradual output hikes | Reuters
Oil prices edged lower on Wednesday after OPEC and its allies agreed to stick to their existing policy of gradual oil output increases.
Brent crude fell 18 cents to $71.45 a barrel by 1:09 p.m. EDT (1709 GMT). U.S. West Texas Intermediate (WTI) crude fell 6 cents to $68.44 a barrel.
The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, agreed on Wednesday to stick to a policy from July of phasing out record output cuts by adding 400,000 barrels per day (bpd) a month to the market. [nL1N2Q30F8]
Still, the group revised up its 2022 demand outlook and faces U.S. pressure to raise production more quickly. read more
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