Home / Markets / Commodities /  Oil prices down marginally as OPEC+ alliance decides to boost output
Listen to this article

NEW DELHI: Crude oil prices fell marginally in early deals on Friday, a day after the Organization of the Petroleum Exporting Countries (OPEC) and its allies decided to increase output.

The fall in prices was, however, limited as the market worried that the increase in output will not be enough to make up for the fall in supplies from Russia, analysts said.

Around 1020am, the Brent July on the Intercontinental Exchange traded at $117.44 a barrel, down 0.14% from previous close. West Texas Intermediate futures on the NYMEX fell 0.25% to $116.58 per barrel.

On Thursday, OPEC and its allies, known as OPEC+, decided to boost output by 648,000 barrels per day (bpd) in July and August. This follows the previously decided increase of 432,000 bpd.

The next meeting of the oil cartel will take place on 30 June.

Decline in crude stockpiles in the US supported prices, analysts said. Data released on Thursday showed that crude stockpiles in the US fell much more than expected in the week to 27 May.

Back in India, retail prices of petrol and diesel have now remained unchanged for the 12th straight day. In the national capital, petrol sold for 96.67 per litre and diesel was priced at 89.62 a litre.

Fuel prices were last revised on 22 May, a day after the central government announced a cut in excise duty on petrol by 8 per litre, and by 6 rupees a litre on diesel.


Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Recommended For You
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout