Oil prices slumped in early Asian trading on Monday (August 4th), after OPEC+ agreed to another large production increase in September.
Brent crude fell 43 cents, or 0.62%, to $69.24 a barrel at 22:18 GMT, while U.S. West Texas Intermediate crude was at $66.94 a barrel, down 39 cents, or 0.58%, after both contracts closed about $2 a barrel lower on Friday.
OPEC+ agreed on Sunday to increase oil production by 547,000 barrels per day for September, the latest in a series of accelerated production increases to regain market share amid growing concerns over potential supply disruptions linked to Russia.
This move marks the full reversal and beginning of OPEC+'s largest production cuts, plus a separate production increase for the United Arab Emirates of about 2.5 million barrels per day, or about 2.4% of global demand.
In a statement after the meeting, OPEC+ cited healthy economies and low stockpiles as the reasons behind its decision. "The actual increase since April is smaller than the headline figure and consists primarily of barrels from Saudi Arabia and the UAE," RBC Capital Markets analyst Helima Croft said in a note.
"The bet that the market can absorb additional barrels appears to have paid off for holders of spare capacity this summer, with prices not significantly different from pre-Tariff Free Day levels." (alg)
Source: Reuters
Oil prices were steady on Tuesday (October 7th) as investors assessed a smaller-than-expected OPEC+ production increase in November amid expectations of oversupply. Brent crude futures fell 9 cents, ...
Oil steadied after a two-day advance after OPEC+ agreed on a modest supply quota increase, with traders also parsing signals from lower-than-expected Saudi prices. West Texas Intermediate traded...
WTI crude oil futures climbed 1.3% to $61.7 per barrel on Monday after OPEC+ agreed to a smaller-than-expected production increase, easing fears of a major supply surge. The group, which includes Saud...
Oil prices rose more than 1% on Monday after OPEC+ only raised November production by 137,000 bpd, a smaller increase than would have affected the market. At 08:08 GMT, Brent rose 1.2% to $65.33 per b...
OPEC+ is once again playing it cautiously. For the second consecutive month, the world's largest oil producer group only increased supply by 137,000 barrels per day—a figure significantly lower than m...
European stock markets edged mostly lower on Tuesday, as investors kept tabs on ongoing political turbulence in France and the United States that threatened to dampen enthusiasm around artificial intelligence dealmaking. The pan-European Stoxx 600...
Silver traded around $48.10 per ounce, retreating from the multi-year high touched on October 6th amid profit-taking as a firmer yield backdrop raised the metal's opportunity cost. The Treasury curve ticked up, making a non-yielding asset less...
Systematic hedge funds have lost money every day since October began, according to a Goldman Sachs client note. These speculators, whose algorithms ride market trends until they peter out and who use market signals rather than views on the...
Asian stocks surged to new highs, led by Japan's Nikkei 225, which surged more than 4% following the election of pro-stimulus lawmaker Sanae...
The S&P 500 and Nasdaq Composite closed at record highs on Monday, spurred by optimism about increased mergers and acquisitions activity after...
Hamas officials were in Egypt on Monday (October 6th) ahead of talks with Israel that the US hopes will lead to an end to the war in Gaza and the...
Euro Area Stock MarketEuropean stocks closed mostly lower on Monday as fresh political turmoil in France rekindled concerns of fiscal instability...