OPEC+ Can't Cut Oil Output Enough to Push Prices Higher: Energy Expert
The US is producing way too much oil for OPEC to be able to push prices higher with any more production cuts.
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The US is producing way too much oil for OPEC to be able to push prices higher with any more production cuts.
The oil sector has been hogging the investment limelight after a spectacular recovery that has set the sector as one of the top performers in 2021.
The market tumbled earlier in the session after a New York Federal Reserve Bank manufacturing survey showed a third month of declines in new orders, which could be a sign of weaker demand for oil in the coming year.
Friday saw an over $1 a barrel tumble initially before Brent, WTI recovered most of the lost ground
Brent and US crude futures finished at a small loss following a see-saw session, in which prices fell more than US$1 a barrel at one point on Friday, as traders tried to reconcile mixed signals for oil demand in the coming year.