Oil’s Road to Stability Long and Bumpy
Oil’s Road to Stability Long and Bumpy
The threat of an Opec+ price war, the global spread of the Delta coronavirus variant and worries it could stall a worldwide economic recovery continue to weigh on the oil market in the short term, experts and analysts say.
“Opec+ has delayed its decision on the extent of crude oil production increases, raising questions about the alliance’s capacity to coordinate production and highlighting disagreements about supply policies,” Fitch Ratings says.
Benchmark US crude oil for August delivery ended up $1.62 at $74.56 a barrel on Friday while Brent for September delivery rose $1.43 to $75.55.
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