OPEC’s strategy holds
Crude prices climbed by about 0.5 $/b, to 66.7 $/b for ICE Brent prompt month contract, as OPEC+ members maintained their production policy in a…
Brent 1st-nearby prices posted a $4/b gain yesterday. WTI prices did about the same. They respectively ended the day above $64.5/b and $61.2/b, therefore erasing their losses of the previous day. The main reason was the Suez canal still blocked by a giant ship that has deviated from its course for unclear reasons. Then, the release of the weekly EIA report in the US showed a new rise in inventories but normalization in demand from refineries as well, therefore pushing prices higher.
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