OPEC Supply Increase More Unlikely

Tuesday, 12 June 2018 12:00

The oil markets were conflicted with US crude oil firmer on doubts whether OPEC would increase supply at the next meeting.

Global benchmark Brent crude LCOc1 lost 7 cents at $76.39 a barrel by 12:47 p.m. (1647 GMT). U.S. light crude CLc1 rose 33 cents to $66.07.

OPEC is due to meet on June 22-23 in Vienna and decide then how to proceed with its production. Top oil exporter Saudi Arabia has told OPEC that it raised oil output to a little more than 10 million barrels per day (bpd) in May, but still within target.

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