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WTI Closes In On $74/bbl Ahead Of OPEC+ Meeting

OIL

Oil is higher in Asia-Pac trade on Thursday; WTI is up $0.28 from settlement at $73.76 and closing in on $74/bbl, Brent is up $0.28 at $74.90. The full July OPEC+ videoconference kicks off Thursday, at which the country representatives are due to discuss the possibility of an output hike of circa 550,000bpd. Reports circulated suggesting there remains some acrimony between certain OPEC members, with Saudi Arabia reportedly preferring a gradual approach to easing output curbs, whereas Russia are pressing for a swifter response.

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