The news from the weekend from OPEC+ meeting, raising oil output more than expected:
OPEC+ to raise output by 548,000 bpd in August vs 411,000 bpd in JulyIn effect, the decision returns nearly 80% of the 2.2 million bpd voluntary cuts from eight OPEC producers back in the market
OPEC+ cited
steady global economic outlookhealthy market fundamentalslow oil inventoriesas reasons for releasing more oil.
Analysts have responded with:
increased production represents a more aggressive competition for market shareOPEC+ showing some tolerance for the resulting decline in both prices and revenueThe price response:
Oil prices fell just over 1% at the Globex open on Sunday evening US timeGoldman Sachs expects an slightly bigger boost at the next meeting, scheduled for August 3:
expect a final 550,000 bpd increase for SeptemberUp
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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