OPEC+ oil producers have used high summer demand to launch their first output increases in three years, but those targets have proved difficult to hit, leaving the market surprisingly tight.

Oil-focused ETFs came under pressure this week after OPEC+ announced plans to boost production starting in September, raising fresh concerns over an oversupplied market. USO ETF is in the red today. Check its prices live,

Eight producers, led by Saudi Arabia, will continue boosting production despite forecasts that supply will soon exceed demand.