Oil slips after OPEC+ hike, tight supply limits loss | Reuters
Oil slipped on Friday after OPEC+ decided to increase production targets by slightly more than planned, although tight global supply and rising demand as China eases COVID restrictions limited the decline.
The Organization of the Petroleum Exporting Countries and allies, or OPEC+, on Thursday increased their output boost to 648,000 barrels per day (bpd) in July and August rather than 432,000 bpd as previously agreed. read more
Brent crude fell 85 cents, or 0.7%, to $116.76 a barrel by 0925 GMT, after rising $2 intra-day on Thursday. U.S. West Texas Intermediate (WTI) crude slipped 88 cents, or 0.8%, to $115.99.
"I believe it's just a technical move lower after yesterday's giant post-OPEC+ rally," said Jeffrey Halley of brokerage OANDA. "Holidays in China, Hong Kong, Taiwan and the UK are impacting trading volumes."
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