Oil prices gain slightly after Opec+ agrees to increase production

U.S. crude was heading for a sixth weekly gain on tight U.S.supply, which has prompted talk of fuel export curbs or a windfall tax on oil and gas producers

Oil rose higher on Friday, supported by expectations that OPEC's decision to increase production targets by slightly more than planned won't much affect tight global supply and by rising demand as China eases COVID restrictions.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, on Thursday agreed to boost output by 648,000 barrels per day (bpd) a month in July and August rather than 432,000 bpd as previously agreed.

Brent crude rose $1.76, or 1.5%, to $119.37 a barrel by 1338 GMT. U.S. West Texas Intermediate (WTI) crude advanced $1.70, or 1.3%, to $118.57.

U.S. crude was heading for a