Crude Oil Bounces $2 on OPEC Uncertainty
Skerdian Meta • 1 min read
Today is the second day of the OPEC+ meeting. There were some expectations for an increase in production, after the 9.5 million cut for more than a year. But, it seems like they are uncertain what to do next. The world economy has recovered to some degree, particularly manufacturing, but travel remains minimal, which is still keeping the demand for Oil subdued. Crude Oil has retreated somewhat after bouncing $ 2 higher on OPEC’s uncertainty, but remains bullish.
- Urges ‘caution’ and ‘vigilance’
- Uncertainty of oil-market recovery persists
- OPEC+ and Saudi cuts have accelerated rebalancing
- Oil market hasn’t fully recovered yet we are in a better place