Oil Steady as OPEC+ Ups Output While Wildfires Curb Canadian Supply
Oil prices held steady on Wednesday amid global trade tensions and as ongoing OPEC+ output increases were offset by a hit to Canadian supply from wildfires.Brent crude futures inched 6 cents higher, or 0.1%, to $65.69 a barrel by 1203 GMT. U.S. West Texas Intermediate crude was 8 cents higher, also around 0.1%, at $63.49.
Plans by OPEC+ producers to again increase output by 411,000 barrels per day (bpd) in July were weighing on the market, said Janiv Shah, vice president of oil commodity markets analysis at Rystad Energy...
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