Oil falls 2% on uncertainty over future OPEC+ output, recession fears | Reuters
Oil prices sank over 2% on Thursday as OPEC+ confirmed it would only increase output in August as much as previously announced despite tight global supplies, but left the market wondering about future output.
Brent crude futures for September delivery fell $2.62, or 2.3%, to $109.83 per barrel by 1:10 p.m. EDT (1710 GMT). The August contract, which expires on Thursday, fell $1.36, or 1.2%, to $114.90 a barrel.
U.S. West Texas Intermediate (WTI) crude futures fell $3.22, or 2.9%, to $106.56 a barrel.
The OPEC+ group of producers, including Russia, on Thursday agreed to stick to its output strategy after two days of meetings. The producer club avoided discussing policy from September onwards. read more
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