Weekly Energy Recap: Oil price trends suggest OPEC+ output cuts having desired effect – ZAWYA

Weekly Energy Recap: Oil price trends suggest OPEC+ output cuts having desired effect – ZAWYA

Weekly Energy Recap: Oil price trends suggest OPEC+ output cuts having desired effect | ZAWYA MENA Edition HomeMarketsCommoditiesArticleWeekly Energy Recap: Oil price trends suggest OPEC+ output cuts having desired effect OPEC slashed its crude output in June to a three-decade low when it produced 22.31 million bpd    A 3D printed oil pump jack is seen in front of displayed stock graph in this illustration picture, April 14, 2020. Brent crude oil nudged higher to end the week at $43.24 per barrel as WTI also gained to $40.55.Oil prices have been moving in an extremely narrow band over the last two months of just $3-$4 and this week that band was squeezed further from dollars to cents.Accordingly, the US Energy Information Administration (EIA) raised its price outlook for Brent crude to $41 per barrel for the second half of 2020, which is $4 per barrel higher than last month.Oil prices have been moving in an extremely narrow band over the last two months of just $3-$4 and this week that band was squeezed further from dollars to cents.Brent crude oil nudged higher to end the week at $43.24 per barrel as WTI also gained to $40.55.Accordingly, the US Energy Information