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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
economy-ss-8
Inflation Update: Weak demand softens shocks
July 4, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
View all Reports
Economy 2 MIN READ

Oil prices rise after falling 3% in previous session

July 1, 2022By Reuters
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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)

This article originally appeared on reuters.com

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