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Holding Most Post-OPEC+ Gains

OIL

After being closed on Friday, crude futures are slightly lower to start the week but still holding the majority of the post-OPEC+ gain. WTI is down $0.37 at $61.09/bbl, while Brent is $0.43 lower at $64.44/bbl.

  • At the meeting on April 1 the OPEC+ group decided to bring back 350k bpd in May, 350 k bpd in June, and 441k bpd in July. Additionally, Saudi Arabia said it will unwind its voluntary 1m bpd in extra cuts by 250k bpd in May, 350k bpd in June and 400k bpd in July. Despite the increase in supply, oil rose after the announcement with market participants showing faith in the demand recovery.
Energy BulletsCommodities
Energy BulletsCommodities

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