Brent crude futures fell 2.13% to $72.02 per barrel, while U.S. crude futures fell 2.09% to $70.31 per barrel.
But having a deal is better than no deal for the Organization of the Petroleum Exporting Countries and its allies known collectively as OPEC+, according to an oil analyst who said a continued stalemate could mean rising production and plunging prices. I think they decided that having a deal was better than no deal, Andy Lipow, president of Lipow Oil Associates, told CNBC.
The group agreed to increase production by 400,000 barrels per day on a monthly basis from August, as it moves to phase out production cuts of about 5.8 million barrels per day by September 2022. It comes as oil prices hover close to their highest levels in more than two years.
OPEC+ Oil Deal Sends Prices Lower — and This Could Be a Buying Opportunity – NBC 5 Dallas-Fort Worth nbcdfw.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbcdfw.com Daily Mail and Mail on Sunday newspapers.
Brent crude futures fell 2.13% to $72.02 per barrel, while U.S. crude futures fell 2.09% to $70.31 per barrel.
But having a deal is better than no deal for the Organization of the Petroleum Exporting Countries and its allies known collectively as OPEC+, according to an oil analyst who said a continued stalemate could mean rising production and plunging prices. I think they decided that having a deal was better than no deal, Andy Lipow, president of Lipow Oil Associates, told CNBC.
The group agreed to increase production by 400,000 barrels per day on a monthly basis from August, as it moves to phase out production cuts of about 5.8 million barrels per day by September 2022. It comes as oil prices hover close to their highest levels in more than two years.
Goldman Sachs sees upside to oil price forecasts from OPEC+ supply deal reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
OPEC+ oil deal sends prices lower and this could be a buying opportunity CNBC 15 hrs ago Weizhen Tan
OPEC+ reached a deal on Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022. I think they decided that having a deal was better than no deal and if they didn t have a deal, they would be left to their own devices and we could really see a free for all on increasing production, Andy Lipow, president of Lipow Oil Associates, told CNBC.
This could actually be a buying opportunity for investors, says Lipow.
OPEC reaches new deal to raise production