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Oil Steady After OPEC Says Reserves Release to Bloat Surplus

From bnnbloomberg.ca

Oil was steady in Asia after OPEC said a planned coordinated release of reserves may swell a crude surplus expected early next year. Futures in New York traded near $78 a barrel after closing little changed on Wednesday. The projection was made by the group’s advisory body -- the Economic Commission Board -- ahead of an OPEC+ meeting next week. Some of the cartel’s delegates warned this week that releasing strategic reserves may lead to the alliance holding back crude supply in January. Crude had fallen over the past month as President Joe Biden agitated for a response to rising energy prices, but the landmark plan ... (full story)

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  • Category: Fundamental Analysis