Oil slips below $78 per barrel

Oil fell below $78 a barrel on Friday on the prospect that OPEC+ producers might step up a planned increase in output to ease supply concerns, although crude remained in sight of a three-year high reached this week.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, meets on Monday. Four OPEC+ sources said on Thursday adding more oil than planned was being looked at as a scenario, without giving details.

OPEC+ is unwinding its production curbs at a rate of 400,000 barrels per day a month.

Beyond October, “a faster ramp-up in OPEC+ production cannot be excluded,” said Stephen Brennock of oil broker PVM. “The prospect of $80 oil does not sit well with the producer group.” – Reuters