Oil settles up despite OPEC+ output hike plan; supply still tight

Brent crude LCOc1 rose $2.11, or 1.8%, to settle at $119.72 a barrel by 1338 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 advanced $2, or 1.7%, to $118.87. Both benchmarks were up by $3 in after hours trading. U.S. crude notched a sixth weekly gain on tight U.S. supply, which has prompted talk of fuel export curbs or a windfall tax on oil and gas producers.

NEW YORK: Oil settled higher on Friday, supported by expectations that OPEC's decision to increase production targets by slightly more than planned will not add that much to global supply which should tighten as China eases COVID restrictions.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, on Thursday agreed to boost output by 648,000 barrels per day (bpd) a month in July and August rather than 432,000 bpd as previously agreed.