LONDON—Oil slipped on Friday after OPEC+ decided to increase production targets by slightly more than planned, although tight global supply and rising demand as China eases COVID-19 restrictions limited the decline.
The Organization of the Petroleum Exporting Countries and allies, or OPEC+, on Thursday, increased their output boost to 648,000 barrels per day (bpd) in July and August rather than 432,000 bpd as previously agreed.
Brent crude fell 85 cents, or 0.7 percent, to $116.76 a barrel by 0925 GMT, after rising $2 intra-day on Thursday. U.S. West Texas Intermediate (WTI) crude slipped 88 cents, or 0.8 percent, to $115.99.
“I believe it’s just a technical move lower after yesterday’s giant post-OPEC+ rally,” said Jeffrey Halley of brokerage OANDA. “Holidays in China, Hong Kong, Taiwan, and the UK are impacting trading volumes.”…