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Oil Falls as Traders Wind Back Risk Premium Before OPEC+ Meeting

Bloomberg · last updated

Oil edged down after its biggest weekly loss in two years as traders speculated on the volume of an expected OPEC+ supply hike and fears of Middle East tensions disrupting global oil flows dissipated.

West Texas Intermediate crude shed 0.6% to settle near $65 a barrel, following a 13% slump last week. Key members of the Organization of the Petroleum Exporting Countries and its allies are ready to consider another 411,000 barrel-a-day increase for August when they meet Sunday, according to several delegates. It would be the fourth month in a row the group agreed on such a bumper hike, triple the initially planned volumes.

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