Commodity News
HeadLine : Oil falls ahead of OPEC+ supply policy meeting
Date : Oct 4 2021
Oil fell on Monday ahead of an OPEC+ supply policy meeting that may decide whether a recent rally in prices can be sustained as the world fitfully recovers from the COVID-19 pandemic. Brent crude was down 24 cents or 0.3% at $79.04 per barrel. It rose 1.5% last week, its fourth weekly gain in a row. U.S. oil dropped by 27 cents or 0.4% to $75.61, after rising for the past six weeks. Oil prices have risen amid supply disruptions and recovering global demand, pushing Brent last week to an almost three-year high above $80. The group is facing pressure from some countries to produce more to help lower prices as demand has recovered faster than expected in certain parts of the world.OPEC+ agreed in July to boost output by 400,000 barrels per day every month until at least April 2022 to phase out 5.8 million bpd of existing cuts. But four OPEC+ sources told Reuters recently that producers were considering adding more than that deal envisaged.  

Source: Reuters
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