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

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Brent for August settlement rose 0.1% to $79.97 a barrel at 2:55 p.m. in Singapore.

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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