(Bloomberg) — An unexpected plan by OPEC+ to return some supply this year has put oil on track for a weekly decline, prompting some members of the alliance to reassure the market the group is committed to stability.
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West Texas Intermediate was steady near $76 a barrel after advancing 2% on Thursday, following the comments from cartel members including Saudi Arabia. Brent closed below $80. OPEC+ ministers said the group can still react to any changes in the market and adjust supply.
Oil has trended lower since early April in part due to concerns over the demand outlook. However, prices could get another boost from Middle East tensions, with Israel escalating warnings against Hezbollah in Lebanon, threatening that it could be forced into war with the Iranian-backed group.
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