Jun 22, 2018 - Energy & Environment

Oil market prices rise 1% ahead of OPEC decision

Oil market prices rose 1% on Friday after news came out that there seemed to be disagreement between OPEC leaders in Vienna on how whether output should be raised to compensate for tightness in the market, per Reuters.

The big picture: A decision hasn't been formally announced yet, but market analysts expect OPEC to announce 500,000 to 600,000 barrel per day production increase to keep the market moving without overloading the market.

The state of play: Benchmark Brent Crude prices went up 1.54% to $73.92 as of 7:30am ET Friday. WTI Crude jumped 1.24% at the same time.

The backdrop: Saudi Energy Minister Khalid Al-Falih pushed for a 1 million barrel per day hike on Thursday during a monitoring committee meeting. Iran's oil minister Bijan Zanganeh stormed out but eventually returned to the negotiating table, per Bloomberg.

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