Oil stabilizes after doubts

Oil prices were little changed on Friday and held on to the gains they made in the previous session on doubts that oil producers in the OPEC+ cartel could increase crude production enough to offset Russian oil supply shortfalls.

the price of West Texas Intermediate crude futures rose one cent to $116.88 a barrel. Brent crude futures rose seven cents to $117.68 a barrel.

The OPEC + bloc, which includes the Organization of Petroleum Exporting Countries (OPEC) and independent oil producers, including Russia, decided to increase production by 648,000 barrels per day in July and August instead of 432,000 barrels per day according to a previous agreement, but this was considered insufficient for a market suffering from lack of supplies. .

And government data revealed on Thursday that US crude stocks fell more than expected in the week ending May 27, and fuel stocks fell, defying expectations of an increase.