Economy 2 MIN READ

Oil prices rise after falling 3% in previous session

July 1, 2022By Reuters

July 1 (Reuters) – Oil prices edged up in early trade on Friday, after sinking in the previous session as OPEC+ said it would stick to its planned oil output hikes in August and investors worried about the strength of the global economy.

Brent crude futures rose 83 cents, or 0.8%, to USD 109.86 a barrel by 0012 GMT. WTI crude futures for August delivery rose 70 cents, or 0.7%, to USD 106.46 a barrel.

Prices fell around 3% on Thursday.

US traders squared positions ahead of the long Fourth of July weekend.

On Thursday, the OPEC+ group of producers, including Russia, agreed to stick to its output strategy after two days of meetings. However, the producer club avoided discussing policy from September onwards.

Previously, OPEC+ decided to increase output each month by 648,000 barrels per day (bpd) in July and August, up from a previous plan to add 432,000 bpd per month.

US President Joe Biden said on Thursday he would not directly press Saudi Arabia to increase oil output to curb soaring crude prices when he sees the Saudi king and crown prince during a visit next month.

Elsewhere, 74 Norwegian offshore oil workers at Equinor’s (EQNR) Gudrun, Oseberg South and Oseberg East platforms will go on strike from July 5, the Lederne trade union said on Thursday, likely shutting about 4% of Norway’s oil production.

(Reporting by Stephanie Kelly; editing by Richard Pullin)

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