The JMMC meeting seems to be taking a bit longer than expected but if this is the decision, it is a symbolic one. As mentioned at the start of the day, such a move will be bullish for oil prices and we are seeing a reaction already. WTI crude just hit a high of $90.10 on the day, up over 3% at the moment.
OPEC+ said to lean towards option of reducing oil output by 100k bpd
- That will be more of a symbolic move to take away the output hike last month
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