Crude prices rallied by 5% as OPEC decided to roll over the current production agreement, while Saudi Arabia extended its voluntary cut for another month. The radical change in the group’s strategy, now aiming at price appreciation instead of volumes, is predicated on the assumption that US producers will not enter the market in 2021.
Crude prices continued to rise yesterday, to reach 75 $/b for the ICE Brent August contract on the backend of drawing US petroleum inventories and supportive macro…