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OPEC Argues Against Excessively Negative Sentiment in Oil Market
OPEC argued that “overblown negative sentiment” is dominating global oil markets as the group and its allies prepare to meet. “Recent data confirms robust major global growth trends and healthy oil market fundamentals,” the group’s secretariat said in its latest monthly report. The outlook is positive “despite exaggerated negative sentiments.” Even as OPEC insists that oil demand is strong, group leader Saudi Arabia is keeping its crude output at the lowest level in years. In concert with market ally Russia, the kingdom pledged to maintain the cutback next month, and analysts expect the reductions to ... (full story)