Oil Bulls Bite Back as Prices Defy Expectations ...Middle East

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Oil Bulls Bite Back as Prices Defy Expectations
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OPEC+ did what everyone expected it to do last weekend, announcing another production ramp-up. Prices, however, did something that not everyone expected them to do: they went up. All eyes are now on demand—and the disruption of supply. The eight members of OPEC+ that were keeping their production of crude oil under restraints agreed on Saturday to add another 411,000 barrels daily to their combined total in July after making identical agreements for May and June. The news followed speculation reported by the media that the cartel could add…

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