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Reuters OPEC+ Survey Sparks Oil Reversal

OIL

OPEC+ is set to proceed with its plans to bring barrels back to the market from October according to six Reuters sources, prompting the latest crude sell off.

  • Eight OPEC+ members are scheduled to boost output by 180,000 bpd in October the sources said. They mark the start of plans to unwind the most recent layer of output cuts of 2.2 million bpd while keeping other cuts in place until end-2025.
  • Libyan barrels coming off the market and Fed cut rate optimism are cited as some of the motivating factors despite a weak Chinese backdrop.
  • Brent OCT 24 down -1.6% at 78.63$/bbl
  • WTI OCT 24 down -2.4% at 74.07$/bbl

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