By Paul Carsten
LONDON (Reuters) – Oil futures turned negative on Thursday after a source told Reuters OPEC+ has agreed to delay a planned oil output hike until April 2025.
Brent crude was down 25 cents, or 0.4%, to $72.06 a barrel at 1152 GMT. U.S. West Texas Intermediate (WTI) lost 29 cents, 0.4%, and was trading at $68.25 a barrel.
The meeting is still under way. The planned delay comes as OPEC+, made up the Organization of the Petroleum Exporting Countries plus allies including Russia, tries to support prices as it wrestles with weak demand, notably from China, and rising supply outside the producer group.
(Reporting by Paul Carsten in London and Jeslyn Lerh in Singapore; Additional reporting by Yuka Obayashi in Tokyo; editing by David Evans)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.