Oil prices take a breather, OPEC+ sticks to output plans | Reuters

Oil prices take a breather, OPEC+ sticks to output plans | Reuters

Oil prices fell on Thursday amid profit-taking, but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases.

Brent crude was down 73 cents, or 0.8%, to $88.74 a barrel at 1345 GMT, after rising 31 cents on Wednesday. U.S. West Texas Intermediate crude was down 84 cents, or 0.9%, at $87.42 a barrel, having gained 6 cents the previous day.

"A risk off environment and a modestly stronger dollar are one driver weighing on crude prices," said Giovanni Staunovo, commodity analyst at UBS.

"The other is probably the realization that the geopolitical tensions in Eastern Europe and the Middle East have so far not disrupted oil production."