{"id":27826,"date":"2022-06-03T15:49:28","date_gmt":"2022-06-03T15:49:28","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=27826"},"modified":"2022-06-03T15:49:28","modified_gmt":"2022-06-03T15:49:28","slug":"oil-prices-slide-after-opec-hike","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/06\/03\/oil-prices-slide-after-opec-hike\/","title":{"rendered":"Oil prices slide after OPEC+ hike"},"content":{"rendered":"
\n

Oil prices on Friday fell after Saudi Arabia and other OPEC+ states agreed to bring forward oil production rises to offset Russian output losses because of Western sanctions.<\/p>\n<\/header>\n

\n

The downside, however, remained capped by signs of tight global supply and expectations of increased demand as China eases its COVID-19<\/a><\/strong> restrictions.<\/p>\n

Benchmark Brent crude futures dropped by 0.7 per cent to 116.75 dollars a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down by 0.8 per cent at 115.92 dollars.<\/p>\n

The oil exporters\u2019 cartel said it would increase supply by 648,000 barrels per day in July and August, 200,000 barrels per day more than scheduled under a supply agreement with other producers, including Russia, known as OPEC+.<\/p>\n

However, the planned production increase came at a time when the demand outlook is clouded by many uncertainties.<\/p>\n

Recession warnings were coming thick and fast, with Jamie Dimon, chairman and chief executive of JP Morgan Chase, describing the challenges facing the U.S. economy as akin to a hurricane down the road.<\/p>\n

In focus later today will be U.S. employment data for May.<\/p>\n

It is believed that weak data could sway the Fed towards a less aggressive policy path.<\/p>\n

 <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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