Here’s What Citigroup to Goldman Say About the OPEC+ Oil Deal By Bloomberg – Investing.com

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Here’s What Citigroup to Goldman Say About the OPEC+ Oil Deal By Bloomberg – Investing.com

© Reuters. Here’s What Citigroup to Goldman Say About the OPEC+ Oil Deal (Bloomberg) -- OPEC+ has overcome an internal dispute and salvaged a deal to add more barrels to the market, with the group set to boost output by 400,000 barrels a day each month from August until all its halted production has been revived. fell toward $73 a barrel as investors digested the news. Here’s what some analysts had to say about agreement, which was driven by the United Arab Emirates seeking better terms, and the broader outlook: Citigroup The market is very tight and a supply increase of 400,000 barrels a day will turn out to be a pittance, Ed Morse, global head of commodities research at Citigroup Inc (NYSE:)., said in a Bloomberg television interview. Demand is significantly higher, despite the Covid-19 pandemic exploding in parts of the world, and oil prices are likely to climb much further by the time summer is over, he said. Vanda (NASDAQ:) Insights The deal proves that OPEC+ is not only very much intact, but also on course to manage a controlled and cautious tapering of cuts to avoid even the slightest risk of tipping the market into oversupply, said…