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Oil slumps, investors await new signs of production policy from OPEC+

Editor: Doris Yu

investing. com – Oil fell in Asia on Thursday. Investors continue to monitor the discrepancy in production levels between Saudi Arabia and the UAE.

Brent fell 0.35% to $73.17 WTI lost 0.48% to $71.85.

American Petroleum Institute (API) crude oil supply report showed a decrease of 7,983 million barrels in the week ending July 2. investing. While the claims prepared by com predicted a decrease of 3.925 million barrels, a decrease of 8.153 million barrels was recorded in the previous week.

“The jury is still undecided on what the dispute within OPEC+ will be,” John Kilduff, partner at Again Capital LLC, told Bloomberg.

Oil prices rose nearly 50% in 2021 as consumption increased and OPEC+ reduced fuel production. But investors are concerned about whether OPEC+ can make a production contract and whether the delta variant of Covid-19 will affect the recovery in fuel demand.

JPMorgan Chase & Co. (NYSE: JPM) said in a post that OPEC+ will eventually reconcile and expects to increase production by 400,000 bpd each month for the remainder of 2021.

“People are very confused about how the conflict in OPEC+ will affect the future of manufacturing,” Oanda’s Edward Moya told Bloomberg. “August is dubious and demand demands more supply. ”

Later in the day U.S. Power Information Administration crude oil supply report will be published.

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