OPEC+ JMMC proposes to OPEC+ to extend oil supply mgt until end of 2022

Author: Greg Michalowski | Category: News

Headlines from OPEC+ JMMC sources

  • OPEC+ JMMC proposes to OPEC+ to extend oil supply management until end of 2022
  • OPEC+ ministerial committee proposes to OPEC+ to raise oil output by 0.4M BPD a month in August-December. This was congruent with early reports
Crude oil
The price of crude oil reach day high price of $76.20 earlier after breaking above the earlier high at $74.42 and squeezing any shorts ahead of the OPEC+ meeting. 

The prices since rotated back to the downside and each day low of $74.59.  As long as the price can remain above the $74.42 level, the bias tilt intraday remains in the favor the buyers.
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