Oil prices ease as OPEC+ sticks to output plans
Oil prices eased on Thursday following weak US payrolls data and some profit taking, but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases.
Brent crude fell 37 cents, or 0.4 per cent, to $89.10 a barrel by 0127 GMT (0657 IST), after rising 31 cents on Wednesday. US West Texas Intermediate crude was down 54 cents, or 0.6 per cent, at $87.72 a barrel, having gained 6 cents the previous day.
“This morning’s dip might be a result of the shockingly low US ADP employment print last night, but we believe the supply squeeze may drive oil prices higher through this year,” said Howie Lee, economist at OCBC in Singapore.
