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Commerzbank Highlights Oversold Oil Despite OPEC+ Disappointment

OIL

Commerzbank highlights overall oil market disappointment following last week’s OPEC+ meet after the group “had raised expectations to such an extent that the market ended up being disappointed by the actual decisions.”

  • The lack of group announcement and instead individual communications after the meeting gave the “impression of divisions within the group” Commerzbank analysts said.
  • The bank also questioned the “voluntary” element of the cut and whether it would impact actual compliance.
  • However, Commerzbank said they do not see the justification for lower prices at present. The bank believes only weaker demand or higher non-OPEC+ oil supply, especially from the US, would justify continued price weakness.

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