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Oil Slips Back as OPEC+ Confirms Short Delay Plans

OIL

Oil markets falling back again after OPEC+ official communications confirm the widely spread “delegate source” led story earlier in the session.

  • The earlier delegate source story had provided some support for the market while the official communication has prompted weakness again.
  • The short two-month nature of the delay appears to be producing little confidence in the OPEC+ alliance having the ability to control global balances at present against a weak demand backdrop and solid non-OPEC supply.
  • “*OPEC+ ANNOUNCES EXTENTION OF VOLUNTARY CUTS FOR TWO MONTHS” - bbg
  • Brent NOV 24 down -0.2% at 72.53$/bbl
  • WTI OCT 24 down -0.3% at 68.98$/bbl
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