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Oil fell sharply on Friday after delegates said OPEC+ expects to proceed with output hikes in the fourth quarter. WTI settled at $73.55 while Libyan unrest has cut that country's output by 68%.
Expected OPEC+ supply additions outweigh Libyan disruptions, pressuring crude and energy-linked commodities. Weak China demand outlooks also cap upside for energy prices.
rigzone.comDevika Krishna Kumar, Antonia MufarechAug 30, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
