By Barani Krishnan
Investing.com – Oil prices came off their highs on Thursday after OPEC+, presumably emboldened by the market’s runaway rally, were reported to be mulling a higher production than initially planned for coming months.
OPEC+ — comprising the 13-member Saudi-led Organization of the Petroleum Exporting Countries and a group of 10 other producers steered by Russia — is considering going beyond its existing deal to boost production by 400,000 barrels when it meets next week, sources familiar with the alliance’s thinking were reported saying.
The move was against a backdrop of a near three-year high in oil prices and pressure from consumers for more supply, the sources said.
New York-traded , the benchmark for U.S. oil, which reached a session high of $76.07 per barrel on Thursday, hovered at just around $75 by 1:55 PM ET (17:55 GMT).
London-traded crude, the global benchmark for oil, spiked to $79.30 earlier in the session, before easing to $78.26.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.