Oil slips as OPEC+ weighs output boost for tight market

Oil slips as OPEC+ weighs output boost for tight market
# 01 October 2021 07:53 (UTC +04:00)

Oil prices dropped on Friday on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns, with soaring gas prices spurring power producers to switch from gas to oil, APA reports quoting Reuters.

U.S. West Texas Intermediate (WTI) crude futures slipped 5 cents to $74.98 a barrel at 0153 GMT, though the contract remained on track to post its sixth consecutive week of gains.

Brent crude futures fell 7 cents, or 0.1%, to $78.24 a barrel, but was still heading for a small rise on the week, marking a fourth straight week of gains.

All eyes are now on a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together known as OPEC+, on Monday, where producers will discuss whether to go beyond their existing deal to boost production by 400,000 barrels per day (bpd) in November and December.

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