OPEC slightly increases oiloutput hike plan
U.S. crude inventories fall 5.1 million barrels
Coming up U.S. employment report
LONDON, June 3 Reuters 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 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, to 116.76 a barrel by 0925 GMT, after rising 2 intraday on Thursday. U.S. West Texas Intermediate WTI crude slipped 88 cents, or 0.8, to 115.99.
I believe it39;s just a technical move lower after yesterday39;s giant postOPEC rally, said Jeffrey Halley of brokerage OANDA. Holidays in China, Hong Kong, Taiwan and the UK are impacting trading volumes.
Although Brent was on track to fall for the week, U.S. crude was heading for a sixth weekly gain on tight U.S. supply, which has prompted talk of fuel export curbs or a windfall tax on oil and gas producers.
Still, expectations that supply will stay tight limited losses. OPEC divided the hike across its members and still included Russia, whose output is falling due to sanctions and some buyers avoiding its oil over the invasion of Ukraine, suggesting the boost will undershoot.
OPEC is still likely to supply considerably less…