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    Home » Oil Remains Steady, Nearly $72 Following OPEC+ Restoration of Additional Supply
    Forex News

    Oil Remains Steady, Nearly $72 Following OPEC+ Restoration of Additional Supply

    September 2, 20211 Min Read
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    Oil Industry with a black drum barrel pouring and spilling out fossil fuel liquid crude as a map of the world showing the financial energy business concept
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    Global benchmark Brent oil remained almost the same, near $72 a barrel, after OPEC+ entered into an agreement to boost crude production, betting that the market can absorb the extra supply.

    • In a recent meeting, ministers from the Organization of Petroleum Exporting Countries and its allies agreed on a 400,000 barrel-a-day increase set for October.
    • In the U.S., a government report revealed a further decline in nationwide crude investors as the nation’s oil infrastructure continued to struggle with Hurricane Ida’s impact.
    • Crude has jumped nearly 40% this year as oil consumption rebounded from the impact of the coronavirus pandemic, even though the bulk of the gains came in the first half.
    • OPEC+ has been slowly restoring additional of the supply it suspended last year when the global crisis emerged.

    In a Bloomberg TV interview, Energy Aspects head of research Amrita Sen stated that prices should be higher heading into year-end. High natural gas prices could bolster demand for fuel oil in the winter.

    CL1! up +0.61%,  DXY down -0.08%Source: Bloomberg

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