Oil prices take a breather as OPEC+ sticks to moderate output plans
Oil prices eased on Thursday following weak U.S. 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%, to $89.10 a barrel by 0127 GMT, after rising 31 cents on Wednesday. U.S.
West Texas Intermediate crude was down 54 cents, or 0.6%, at $87.72 a barrel, having gained 6 cents the previous day.
“This morning’s dip might be a result of the shockingly low U.S. 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.
