The oil market marginally went up on Friday as it was reported that the Organisation of the Petroleum Exporting Countries and allies (OPEC+) was planning to hike production in August.
The price of Brent crude closed at $67.77 a barrel after it gained 4 cents or 0.1 per cent and the US West Texas Intermediate (WTI) crude appreciated by 28 cents or 0.4 per cent to $65.52 a barrel.
Both benchmarks tumbled about 12 per cent in the week in their biggest drop since March 2023.
A report suggested the OPEC+ group of producers was considering a supply increase in two months’ time after a output increase of 411,000 barrels per day already planned for July.