Oil set for weekly loss after OPEC+ supply plan rattles market

An unexpected plan by

ministers including from Saudi Arabia said on Thursday that the group can still react to any changes in the market and adjust supply. That sparked a sharp rebound in oil prices, which had already staged a modest recovery after tumbling into oversold territory for the first time in about a year. Brent futures are trading near $80 a barrel after advancing 1.9% on Thursday, but prices are still heading for a third weekly drop. West Texas Intermediate was below $76, also set for a loss this week.

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Oil swings after OPEC+ signals plan to return barrels to marketBrent for August settlement fell 0.5% to $80.74 a barrel at 2:25 p.m. in Singapore.
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