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Find all the economic and financial information on our Orishas Direct application to download on Play StoreMarkets ignored OPEC+'s decision to increase production. Against this backdrop, oil prices moved in a narrow range on Friday.
West Texas Intermediate (WTI) crude oil futures lost 29 cents to $116.58 a barrel by 0408 GMT, while Brent crude oil futures lost 15 cents to $117.46 a barrel. Thursday's decision by the Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, to increase production by 648,000 barrels per day (bpd) in July and August, up from 432,000 bpd.t, instead of 432,000 bpd as previously agreed, was seen as barely sufficient for a tight market.
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