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$2 Lower As OPEC Source Report Points To Supply Coming Online

OIL

WTI & Brent crude oil futures quickly lose ~$2 apiece as RTRS sources suggest that “OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand.”

  • Bears probe this week’s lows in both benchmarks before contracts stabilise.
  • Fresh extensions lower would threaten the short-term bullish technical impulse.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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