WTI drops to $72.50 as OPEC+ said to discuss a possible increase of oil output from August
|The OPEC and its allies (OPEC+) are discussing a possible further increase of oil output from August, Reuters reports, citing sources with the knowledge of the matter.
Earlier on, Bloomberg reported that Russia is said to consider proposing an OPEC+ output hike at the meeting next week because the nation sees a supply deficit in the market.
These come ahead of the meeting between Russia’s Deputy Prime Minister Alexander Novak and the country’s main producers on Tuesday to discuss the market situation.
Market reaction
Amid chatters over a potential hike in oil output, WTI surrendered the $73 level while Brent eased back below $75.
At the press time, WTI drops 0.70% on a daily basis to trade at $72.59.
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