Oil prices fall ahead of OPEC+ output increase

Oil futures slipped slightly in thin holiday trading on Friday, as the market looked ahead to this weekend’s Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting and the likelihood that member countries will decide to raise output.

- 

Brent crude futures settled down 50 cents, or 0.7%, at $68.30 a barrel while US West Texas Intermediate (WTI) crude was down 50 cents, or 0.75%, at $66.50 just before 1300 EDT (1700 GMT).

Trade was sparse due to the US Independence Day holiday.

Brent settled about 0.8% higher than last Friday’s close and WTI was around 1.5% higher.

Eight OPEC+ countries are likely to make another oil output increase for August at a meeting on Saturday in their push to boost market share. The meeting was moved forward a day to Saturday.