Oil prices tick up on supply concerns but expected Fed rate hike slows down increase

Oil prices tick up on supply concerns but expected Fed rate hike slows down increase: The OPEC+ producer grouping – the Organization of the Petroleum Exporting Countries and associates including Russia – is now falling a record 3.58 million barrels per day short of its production targets, or about 3.5 per cent of global demand. The shortfall highlights the underlying tightness of supply in the market.