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Reuters OPEC Rollover Story Prompts Softer Crude Market

OIL

Crude softens to its new lows for the day on Reuters story that OPEC and its allies will roll over current production cuts rather than increase them based on four of its sources.

  • "At this precise time, no change for the meeting but as usual, depending on the mood of some, everything can change," one OPEC+ source said which they said was echoed by the other three sources.
  • The lack of conviction in the statement still leaves the door open for potential cuts. Two other sources said it was too soon to decide an outcome.
  • Analysts are watching for potential sub-$70/bbl Brent this week, something Citi said could spur a potential cut decision if OPEC decide to try and protect a price floor.
  • Brent AUG 23 down -0.7% at 72.11$/bbl
  • WTI JUL 23 down -0.7% at 67.6$/bbl
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