Oil rises despite OPEC+ output hike plan; supply still tight

Oil rose higher on Friday, supported by expectations that OPEC’s decision to increase production targets by slightly more than planned won’t much affect tight global supply and by rising demand as China eases COVID restrictions. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, on Thursday agreed to boost output by 648,000 barrels per day (bpd) a month in July and August … Continue reading Oil rises despite OPEC+ output hike plan; supply still tight