OPEC will roll back production cuts by 2.1 million barrels per day from August.Crude stockpiles fell 7.5 million barrels for the week ending July 11.
The outsize draw propelled crude prices up by 2.2%
“Crude prices jumped (after) following both the OPEC+ recommendation to slowly bring back some oil supplies, and after the EIA crude oil inventory report showed a much larger draw and some signs that demand is improving,” said Ed Moya, an analyst at New York’s OANDA.
Another positive for the likes of SXY (I hold) no doubt.
https://m.investing.com/news/commodities-news/oil-jumps-2-as-us-crude-draw-overwhelms-opec-rollback-on-cuts-2230471
Cheers tela
