Earlier, Bloomberg was out with a report that OPEC+ was discussing a pause in further production increases after unwinding the final 'voluntary' cuts in September.
That's positive in theory but largely falls in line with current expectations. It says they "will likely wait some time" before beginning to wind down the 1.66 mbpd still offline from the full group, though many in the market don't believe there is that much spare capacity.
At the moment, the crude market is cushioned by seasonal summer strength but the real test for prices will come in Q4 when that disappears but the OPEC+ barrels remain. Even with today's $1.40 decline, oil trading just below $67 is higher than where most thought it would be given the scale and speed of the barrels that have returned.
Going foward though, eyes will be on the global economy -- particularly China and the USA -- for signs of demand.
This article was written by Adam Button at www.forexlive.com.Hence then, the article about wti crude falls through 67 despite talk of opec pause was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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