Oil slips to $78 as sources say OPEC+ weighs further output hike | Reuters
Oil fell to around $78 a barrel on Friday on the prospect that OPEC+ producers might step up a planned increase in output to ease supply concerns, although crude remained in sight of a three-year high reached this week.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, meet on Monday. Four OPEC+ sources said on Thursday the group was looking at going beyond an existing deal to add 400,000 barrels per day to supply each month. read more
Beyond October, "a faster ramp-up in OPEC+ production cannot be excluded," said Stephen Brennock of oil broker PVM. "The prospect of $80 oil does not sit well with the producer group."
Brent crude fell 41 cents, or 0.5%, to $77.90 at 1220 GMT, heading for a weekly decline after three weeks of gains. U.S. West Texas Intermediate (WTI) slipped 69 cents to $74.34, still set for a sixth week of rises.
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