Commodities
Oil Slumps With Focus on OPEC+ Output Plans in Fourth Quarter
- Group has previously said it will lift output later this year
- WTI futures closed 3% lower on Friday; Brent also drops
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Oil fell sharply as traders priced in expectations that OPEC+ will proceed with previously announced output hikes in the fourth quarter.
West Texas Intermediate fell 3.1% to settle at $73.55 a barrel. Several delegates within the OPEC+ coalition said this week that they expect the production hikes to go ahead, though the group has warned repeatedly that it could “pause or reverse” the hikes if necessary. The news outweighed steep supply losses in Libya, where unrest has cut production 68%.