Opec+ delays oil output hike for two months

Opec+ has agreed to delay a planned oil output increase for October and November, the producers group said on Thursday after crude prices hit their lowest in nine months, adding that it could further pause or reverse the hikes if needed. Oil prices have been falling along with other asset classes on concerns about a weak global economy and soft data from China, the world’s biggest oil importer. Oil prices held near a 14-month low on Thursday. Brent futures were down 18 cents, or 0.3 per cent, to $72.52 a barrel by 1739 GMT, while US West Texas Intermediate crude fell 25 cents, or 0.4pc, to $68.95.