Markets

As OPEC+ nations decide to increase production, Crude Oil dives below $75 a barrel

By Hiya Chaudhary

Russia along with other OPEC+ nations will probably increase production thereby increasing their output, as indicated by some reports. As a result, traders pull back from the sector.

Price indicators and inventory data up until now have shown that the demand for crude oil has been overwhelming its supply which is why a production bump is a plausible scenario but no concrete statements have been made regarding the issue. However, the change last observed was -0.72% which brought the price down to $73.13.

Recognising the rapid shift in the market strategy, Gary Cunningham, Director of Market Research, Tradition Energy said that “Just the rumours that OPEC+ will consider adding additional production is enough to pull us back from the $75 mark.”

Tags: Crude Oil Inventory Oil Price OPEC Stocks

Hiya Chaudhary

Hiya Chaudhary is an Economics major at Miranda House. A political fanatic who has a lot to say about anything and everything. She is an eager learner and enthusiastic about everything life has to offer. Hiya is currently working at USAnewshour.com and can be reached at shweta.hiya01@gmail.com