Oil Prices Dip as OPEC+ Boosts Supply

Oil prices drop amid recession fears and weaker demand outlook

US President Joe Biden bans new offshore oil and gas drilling along most US coastlines - Anadolu Agency

Oil Prices Dip as OPEC+ Boosts Supply

Crude oil prices began trading with a loss this week as traders anticipated another OPEC+ supply boost next month at a rate of 411,000 barrels per day, taking the cumulative increase this year to 1.78 million barrels daily, according to preliminary reports. At the time of writing, Brent crude was trading at $67.63 per barrel, with West Texas Intermediate at $65.23 per barrel, following Reuters reporting over the weekend that OPEC+ was going to e…

Oil Holds Losses as Risk Premium Recedes Before OPEC+ Decision

(Bloomberg) — Oil held its biggest weekly loss in more than two years, as hedge funds piled into bearish bets after a fragile truce between Iran and Israel before a likely OPEC+ supply hike.

Oil Falls as Traders Wind Back Risk Premium Before OPEC+ Meeting

Oil held its biggest weekly loss in more than two years, as hedge funds piled into bearish bets after a fragile truce between Iran and Israel before a likely OPEC+ supply hike.

Oil Falls on Prospect of More OPEC+ Supply, Easing Risks in Mideast