OPEC+ October increase in production sent crude prices sliding downward on Friday

Crude oil prices finished the week with another day of losses as they dropped more than 3% in the states and 1% overseas, largely because OPEC+ indicated it will start an increase in oil supply in October.

OPEC+ has a planned oil output increase scheduled for October. The impact on crude prices came as Libya’s outages continued.

West Texas Intermediate crude dropped $2.36 or 3.11% per barrel to close at $73.55 on the New York Mercantile Exchange. WTI dropped 1.7% for the week and 3.6% for the month of August.

Brent crude settled $1.14 lower or 1.43% on Friday and finished at $78.80 a barrel. That’s a drop of 0.3% for the week and 2.4% for the month.

Oklahoma energy stocks finished the week on Friday with more gains than losses. One of the biggest gains was the 6% jump for Canoo, the EV maker.