Global benchmark Brent oil was little changed, near $72 a barrel, after OPEC+ stuck with a plan to boost crude production, wagering that the market can absorb the additional supply. Following a swift meeting on Wednesday, ministers from the Organization of Petroleum Exporting Countries and its allies ratified a 400,000 barrel-a-day increase scheduled for October. In the U.S., a government report showed a further contraction in nationwide crude inventories, while the nation’s oil infrastructure continues to grapple with Hurricane Ida’s impact. Crude has rallied about 40% this year as consumption bounced back from the impact of the coronavirus pandemic, although the bulk of the gains came in the first half. Against that backdrop, OPEC+ has been gradually restoring more of the supply it suspended last year when the global health crisis erupted. “Prices should be higher going into year-end,” Energy Aspects head of research Amrita Sen said in […]