Oil price drops sharply after report OPEC+ continues with planned production increase

WASHINGTON (dpa-AFX) – After the strong upward movement of the previous session, the price of crude oil showed a significant downward movement on Friday.

Crude oil for October delivery fell $2.36, or 3.1 percent, to $73.55 a barrel, after rising $1.39, or 1.9 percent, to $75.91 a barrel on Thursday.

The sharp drop on the day caused crude oil prices to fall 1.7 percent on a weekly basis and 3.6 percent in August.

Crude oil prices came under pressure after Reuters reported that the Organization of the Petroleum Exporting Countries and allies, better known as OPEC+, plan to increase oil production from October.

While recent concerns about demand have weighed on oil prices and raised questions about whether OPEC+ will follow through with the plan, six sources within the producer group told Reuters the plan to increase output remains in place.

Reuters reported that the decision to proceed with the plan, which will see eight OPEC+ members increase their output by 180,000 barrels per day in October, came amid production shortages in Libya and pledges to cut production by some members.

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