Oil slips as OPEC+ considers boosting output in tight market
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.
Brent crude futures fell 12 cents, or 0.2%, to $78.19 a barrel at 0638 GMT, but were still heading for a small rise on the week, marking a fourth straight week of gains.
U.S. West Texas Intermediate (WTI) crude futures slipped 15 cents to $74.88 a barrel, though the contract remained on track to post a sixth consecutive week of rises.
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.
Reference: Reuters
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