OPEC+ is considering an additional output cut of around 1 mbpd – report

News

It will be an interesting weekend in Vienna as Reuters now reports that the additional cut would be 1 million barrels per day. None of this is a huge surprise and the timing of the leaks before the weekend appears designed to put a squeeze on shorts but that squeeze will reverse on Monday if they don’t follow through.

With this though, it looks like WTI could close the week above $72.

Articles You May Like

Southwest Airlines profit tops estimates, company expects higher revenue in fourth quarter
What is the distribution of forecasts for the US NFP?
HSBC announces fresh $3 billion share buyback as third-quarter earnings beat expectations
Foreign investors flock to flagship Saudi economic conference — but face less free-flowing cash
Canadian dollar falls to the lowest in two years

Leave a Reply

Your email address will not be published. Required fields are marked *