Reported 6 months ago
Oil prices declined for the week after OPEC+ announced a plan to increase production, leading to accelerated selling by algorithmic traders. Despite West Texas Intermediate settling below $76 with a 1.9% weekly loss, they rebounded slightly following reassurances from Saudi Arabia that the production hike could be reversed if necessary. The reaction to the plan on Wall Street is mixed, with JPMorgan skeptical of its bearish impact and Citigroup predicting ongoing production cuts until next year. Concerns over demand and geopolitical risks have kept oil prices trending lower, although recent developments in Ukraine and the Middle East could contribute to future price fluctuations.
Source: YAHOO