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