Oil prices drop as OPEC+ ratifies modest oil production increase

Oil is headed for its third weekly drop, its longest losing run this year, on concerns that a recession could cut into energy demand. Oil prices are edging up this morning, after falling 3% on Thursday, as the OPEC+ group of producers, including Russia, agreed to stick to its output strategy. However, the producers' club avoided discussing policy from September onwards. Brent crude is now trading at $109 a barrel, and WTI at $105 a barrel. Crude fell around 8% in June, as investors fretted over a potential global economic slowdown. We spoke to Craig Erlam, who is senior market analyst at OANDA. #OilPrices #Recession #OPEC