Oil swings after OPEC+ signals plan to return barrels to market

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Portugal Notícia Notícia

Brent for August settlement fell 0.5% to $80.74 a barrel at 2:25 p.m. in Singapore.

Oil swung between gains and losses after OPEC+ set out a plan to restore some production as early as October, despite concerns over the demand outlook and robust supply from outside of the group.

The agreement aims to keep supporting oil prices while easing the production restraints against which some members — such as the United Arab Emirates — have chafed as they sought to have their output levels upgraded.

 

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