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OIL: Crude Rallies on OPEC+ Deal to Delay Supply Hike for Two Months

OIL
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Crude initially rallies before pulling back on reports that OPEC+ has agreed to delay the planned oil production hike for two months, according to delegates cited by both Reuters and Bloomberg.

  • Prices initially spiked higher although remained below the highs from yesterday with the delayed widely expected after headlines from recent days.
  • The delay is likely driven by the risk of a market oversupply with the possible return of Libya supply and soft demand in China.
  • Both futures and time spreads remain net down on the week.
    • Brent NOV 24 up 1.3% at 73.63$/bbl
    • WTI OCT 24 up 1.4% at 70.15$/bbl
    • Brent NOV 24-DEC 24 up 0.07$/bbl at 0.49$/bbl
    • Brent DEC 24-DEC 25 up 0.08$/bbl at 1.92$/bbl
    • WTI OCT 24-NOV 24 up 0.1$/bbl at 0.78$/bbl
    • WTI DEC 24-DEC 25 up 0.07$/bbl at 2.14$/bbl
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Crude initially rallies before pulling back on reports that OPEC+ has agreed to delay the planned oil production hike for two months, according to delegates cited by both Reuters and Bloomberg.

  • Prices initially spiked higher although remained below the highs from yesterday with the delayed widely expected after headlines from recent days.
  • The delay is likely driven by the risk of a market oversupply with the possible return of Libya supply and soft demand in China.
  • Both futures and time spreads remain net down on the week.
    • Brent NOV 24 up 1.3% at 73.63$/bbl
    • WTI OCT 24 up 1.4% at 70.15$/bbl
    • Brent NOV 24-DEC 24 up 0.07$/bbl at 0.49$/bbl
    • Brent DEC 24-DEC 25 up 0.08$/bbl at 1.92$/bbl
    • WTI OCT 24-NOV 24 up 0.1$/bbl at 0.78$/bbl
    • WTI DEC 24-DEC 25 up 0.07$/bbl at 2.14$/bbl