Oil Prices Dip On Symbolic OPEC+ Output Cut

Oil Prices Dip On Symbolic OPEC+ Output Cut

Oil prices are down today, after a slight rebound yesterday. The reason? OPEC's decision to cut production by 100,000 barrels per day next month. Some analysts see this as a symbolic move, meant to shore up prices that have

Brent crude fell to a low of $95.18 a barrel, its weakest since July 24, as concerns about a global

U.S. West Texas Intermediate (WTI) crude futures rose on Tuesday, climbing from $89.13 a barrel to $2.26. This marks an increase of 2.6% from Friday's

The decision by OPEC+ to rescind a 100,000 bpd increase for September came as a surprise to many in the oil industry, as it was widely believed that the group would continue to ramp up production in order to meet growing global demand. However,

OPEC and its allies, collectively known as OPEC+, have agreed to cut production by 1.2 million barrels per day in an effort to prop up oil prices. Analysts had not expected the agreement, even after Saudi

ANZ Research analysts say that Saudi Arabia's decision to cut oil production by one million barrels per day shows that they remain committed to supporting prices, even though the cut will have little impact on the supply and

The European Union's foreign policy chief said that he was less hopeful about reaching an agreement soon to revive a nuclear deal with Iran. This would delay any return of around 1 million bpd of Iranian crude to the market. The chief said that

In a recent blog post, Westpac senior economist Justin Smirk explained that a return of Iranian oil to the market is unlikely to have a significant impact on global oil supplies.

He noted that U.S. shale oil producers have been hit hard by the drop in prices and

You've got growth shocks, rate rises and a strong U.S. dollar and prices haven't fallen away in a meaningful sense - reflecting a tight market. I can't see why OPEC would want to change that," Sm

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