The price of crude oil for front-month deliveries dropped on Friday following the report that OPEC+ will move forward with a gradual increase in oil production from October. A potential boost in crude output could alleviate concerns sparked by Libya's recent production halt, seemingly shifting the focus to the commodity's demand which remains under close watch due to slower consumption in China, one of the world's largest oil importers.
West Texas Intermediate (WTI) for October contracts plunged 2.94% to $73.91 per barrel at 9:08 am ET. Brent for the same month's settlements declined 1.71% to $78.66 a barrel.
