OPEC has firmly rejected recent media reports suggesting a major oil production hike ahead of a high-profile G8 meeting. The clarification arrives amid market speculation surrounding Crude Oil WTI Futures, reminding observers that the group’s official stance remains unchanged.

Crude oil prices slipped by more than 1.5% on Friday, following a fresh report from the Energy Information Administration indicating higher commercial inventories in the United States. The market reacted swiftly to the data, pushing prices lower in response to the increased supply outlook.