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Oil Markets Spike on Reuters Headline Suggesting OPEC+ Delay

OIL

Oil markets spiked after a Reuters sources led piece suggests OPEC+ are discussing delaying an expected return of barrels from October.

  • OPEC+ would be trying to bring the barrels back against oil prices sitting at a 9-month low.
  • Reuters report is thin on information and only suggests discussions taking place rather than anything more concrete at present.
  • Last week, the group looked set to proceed with the planned 180,000 barrels per day hike in October.
  • Demand concerns, mainly from China and uncertainty over the Libyan supply situation have complicated OPEC+ efforts to unwind voluntary cuts that are costing key members global market share.
  • Brent NOV 24 up 0.2% at 73.87$/bbl
  • WTI OCT 24 up 0.2% at 70.46$/bbl
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