Crude prices slip as OPEC+ set to increase supply

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Islamabad

Global prices for crude oil went down on Thursday amid hopes that OPEC+ is set to increase oil output to meet rising global demand during its upcoming meeting next week.

At 14:10 GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed 0.28 percent to reach $74.98 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $72.79, down 0.40 percent.

The price for Opec Basket was recorded at $73.13 a barrel with 2.19 percent increase, Arab Light was available at $74.67 a barrel with 0.11 percent increase, while the price of Russian Sokol reached $74.81 after shedding 0.57 percent.

The Organisation of the Petroleum Exporting Countries (OPEC) and its allies will reportedly discuss increasing oil output to meet rising global demand during their upcoming meeting, scheduled for next week.

Russia is expected to propose that OPEC+ should take steps to reduce a global supply deficit.

Other members of the group are reportedly discussing a potential supply hike in August.—Agencies

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