Break out underway ?, page-42

Meanwhile, a report showed that US oil stockpiles were shrinking, with crude inventories falling more than twice as much as expected last week.

OPEC+ agreed on Thursday to boost supply increases by about 50% to add 648,000 barrels a day. The decision comes after the European Union approved a partial ban on Russian oil imports and after months of pressure by the US on Saudi Arabia. However, the hike will be spread proportionally across the group’s members, including those struggling to raise production, meaning far fewer additional barrels are likely to be put into the market.


https://www.bloomberg.com/news/articles/2022-06-02/oil-rises-as-traders-weigh-modest-opec-pledge-lower-stockpiles