Oil was little changed before an OPEC+ meeting that’s set to deliver another oversized production hike, threatening to swell a glut forecast for later this year.
Brent traded near $69 a barrel after losing 0.4% on Thursday, while West Texas Intermediate traded above $67. The cartel has begun discussing a fourth 411,000 barrel-a-day production increase for August ahead of the group’s video-conference on Sunday, delegates said. That is triple the initially scheduled rate to revive the halted output.