Oil prices sold off three per cent on Thursday as OPEC+ confirmed it would increase output in August as much as previously announced despite tight global supplies, but left the market wondering about future output. U.S. West Texas Intermediate crude futures fell $4.02, or 3.7 percent, to settle at $105.76\/bbl. Brent crude futures for September delivery fell $3.42, or 3.0 per cent, to settle at US$109.03\/bbl. The August contract, which expires on Thursday, fell $1.45, or 1.3 per cent, to settle at US$114.81\/bbl. The OPEC+ group of producers, including Russia, on Thursday agreed to stick to its output strategy after two days of meetings. The producer club avoided discussing policy from September onwards. Price declines in the oil market were exacerbated as U.S. traders squared positions ahead of the three-day Fourth of July holiday weekend. Natural gas followed suit falling nearly $1.00 per MMBTU at Henry Hub. Happy CANADA DAY to our Canadian Readers.<\/p>\n\n\n\n
Oil prices sold off three per cent on Thursday as OPEC+ confirmed it would increase output in August as much as previously announced despite tight global supplies, but left the market wondering about future output. U.S. West Texas Intermediate crude futures fell $4.02, or 3.7 percent, to settle at $105.76\/bbl. Brent crude futures for September […]<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-6752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n