Oil futures settle with a loss, pressured by speculation that OPEC+ will agree to more output hikes – MarketWatch

Oil futures settled lower on Tuesday, a day after settling at their highest since October 2018, as reports from Reuters and Bloomberg said OPEC+, the Organization of the Petroleum Exporting Countries and their allies, have discussed the possibility of raising production levels even more, starting in August. OPEC+ will hold its next meeting on July 1. It has already implemented a plan to gradually raise production from May through July, amid a recovery in oil demand. West Texas Intermediate oil for July delivery CLN21, -0.79%, which expired at the end of the session, fell 60 cents, or 0.8%, to settle at $73.06 a barrel on the New York Mercantile Exchange. The new front-month contract, August WTI oil CLQ21, +0.05%, settled at $72.85, down 27 cents, or 0.4%.