OPEC+ is considering a new oil production cut of as much as 1 million barrels a day, according to a report in the WSJ published earlier. Oil has been volatile today, falling earlier in New York trade and then storming back. A similar pattern played out yesterday.
“A deal for further cuts isn’t assured, and the prospect is facing
significant resistance within the Organization of the Petroleum
Exporting Countries. A rollover of most existing output curbs is the
most likely scenario, the delegates said, but talks are continuing.”
I would still say there’s only about a 20% chance of a cut priced into the market but that’s heavy on guesswork.
WTI crude was last up $1.17 to $77.57.
Read the full article here