Oil prices edged up slightly on Friday, recovering from a midday drop into negative territory following a report that OPEC+ was planning to hike production in August, but tumbled about 12% in the week in their biggest drop since March 2023.
Brent crude futures settled at $67.77 a barrel, up 4 cents, or 0.1%. U.S. West Texas Intermediate crude finished up 28 cents, or 0.4%, at $65.52 a barrel.
Four delegates from OPEC+, which includes allies of the Organization of the Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day in August, following a similar-size output increase already planned for July. 