Oil Plunges Again Despite Unlikelihood Of Calamity Following Stalled OPEC Talks
by Ship & Bunker News Team
Wednesday July 7, 2021 Skittish crude traders on Wednesday maintained their sell-off of the commodity in the wake of the Organization of the Petroleum Exporting Countries (OPEC) abandoning talks to keep its supply constraints intact. The losses occurred despite the growing notion that OPEC members may not be tempted after all to fully open their taps, thus destabilizing global supply and demand:
Eurasia Group stated in a note, Despite growing risks of an OPEC+ collapse, the leadership in
Riyadh and Following the previous session s steep drop, Brent on Wednesday settled at
Macro Roundup (Jul 8)
CST
Source:SMM
The dollar was slightly higher on Wednesday after the release of the minutes of the US Federal Reserve s latest policy meeting, which showed Fed officials wrestling with the onset of inflation and financial stability concerns but included no big surprises.
SHANGHAI, Jul 8 (SMM) This is a roundup of global macroeconomic news last night and what is expected today.
The dollar was slightly higher on Wednesday after the release of the minutes of the US Federal Reserve s latest policy meeting, which showed Fed officials wrestling with the onset of inflation and financial stability concerns but included no big surprises.
Source: Indian Oil
Oil prices fell for a third day on Thursday amid anxiety that supply may rise after the collapse this week of talks among major producers, potentially causing the current output agreement to be abandoned.
Brent crude oil futures were down 43 cents, or 0.6 per cent, at $73 a barrel by 7:22 am. US West Texas Intermediate futures were down 51 cents, or 0.7 per cent, at $71.69 a barrel.
Promoted
Brent prices have fallen about 5.3 per cent since Monday s close after talks between the Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+, fell apart when de facto leader Saudi Arabia refused demands from the United Arab Emirates to raise its output under the group s supply cut agreement.
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Yesterday, Brent Crude prices were down 3.51%, trading below the $75 range at $74.40, as traders digested the failure of the Organization of the Petroleum Exporting Countries and allies (OPEC+) to come up with an agreement over future output levels.
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Oil Prices Stabilise Amid Collapse of OPEC+ Talks; Brent Crude Oil Up by $73 45 msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.