OPEC+ lowers 2022 market surplus forecast to 1 million bps – Reuters

Eren Sengezer FXStreet

Citing an internal report prepared for the upcoming Joint Technical Committee meeting, Reuters reported on Monday that OPEC+ trimmed its oil market surplus forecast for 2022 to 1 million barrels per day (bpd) from 1.4 million bpd previously.

Market reaction

Crude oil prices gained traction after this report. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $109.47, where it was up 1.75% on a daily basis. Similarly, the barrel of Brent was up 2% at $114.65.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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