Oil little changed after OPEC-plus agrees to boost output by 648,000 bpd

Oil prices were little changed after erasing early losses on Thursday after OPEC+ agreed to boost crude output to compensate for a drop in Russian production.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, agreed to raise output by 648,000 barrels per day (bpd) in July and 648,000 bpd in August, a source told Reuters.

Oil prices could get more support later on Thursday if analysts’ forecasts are correct that U.S. crude inventories declined by around 1.4 million barrels last week.