OPEC+ Decision and Delay Impact Oil Prices: Brent Retreats and Slips, Extending Losses
Originally Published 2 years ago — by Reuters
Brent crude futures dipped slightly as traders speculated on whether OPEC+ would reach an agreement on further production cuts. Both Brent and U.S. West Texas Intermediate (WTI) crude are on track for their first weekly rise in five, supported by expectations that OPEC+ could reduce supply to balance the markets into 2024. The delay in the OPEC+ ministerial meeting initially caused a drop in Brent and WTI prices, but the most likely outcome now appears to be an extension of existing cuts. Chinese demand remains a positive factor, but gains may be limited by higher U.S. crude stockpiles and weak refining margins. Non-OPEC production growth, particularly from Brazil's Petrobras, is expected to remain strong.