Oil up after OPEC sticks to planned output hikes

Oil prices went up in early trade after falling in the previous session, as OPEC said it would stick to its planned oil output hikes in August and investors worried about the strength of the global economy.

The price of crude futures rose 83 cents, or 0.8%, to $109.86 a barrel by 0012 GMT. WTI crude futures for August delivery rose 70 cents, or 0.7%, to $106.46 a barrel.

U.S. traders squared positions ahead of the long Fourth of July weekend.

After two days of meetings, the OPEC group of producers, including Russia, agreed on Thursday to stick to its output strategy. The producer club did not discuss policy from September onwards.

In July and August, OPEC decided to increase output by 648,000 barrels per day per day bpm, up from a previous plan to add 432,000 barrels per day per month.

U.S. President Joe Biden said on Thursday that he would not press Saudi Arabia to increase oil output to curb crude prices if he sees the Saudi King and Crown Prince during a visit next month.

74 Norwegian offshore oil workers at Equinor's Gudrun, Oseberg South and Oseberg East platforms will go on strike from July 5, the Lederne trade union said on Thursday. It is likely that 4% of Norway's oil production will be shut down.