Yahoo: Oil sinks as OPEC+ agrees production increase and Delta fears hit sentiment
Oil prices dropped sharply on Monday as investors digested news of more supply coming to the market and fretted about rising COVID-19 cases around the world.
Brent futures (BZ=F) were down 1.5% to $72.46 a barrel on Monday morning in London. Crude (CL=F) was 1.6% lower at $70.66.
The slump came after oil producing nations announced they would ramp up supply in light of the recent global economic rebound that has accompanies reopening.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, on Sunday said they would increase production by 400,000 barrels per day each month until supply was back to normal.
The OPEC+ group agreed to cut supply by 5.8 million barrels per day last year in the face of slumping demand and prices.
At the current pace of expansion, supply would normalise by the end of next year.
Read more ....
More News On OPEC+ Countries Approving New Production Quotas
U.S. oil drops as much as 8% to below $70 as OPEC prepares to boost production, Covid concerns weigh -- CNBC
Global stocks tumble as Delta-variant cases soar; oil falls after OPEC+ reaches a deal on supply -- Market Insider
Oil Continues To Collapse On OPEC News, COVID Fears -- OilPrice.com
OPEC+ agree to keep boosting oil output, bet on pandemic recovery -- DW
OPEC+ countries approve new production baselines, extend deal until end of 2022 -- TASS
1 comment:
Chinese state media ca. March 2020, during the first wave, when other countries like the USA started complaining about Wuhan letting out flights and the Chinese buying up masks and protective gear
"Shut up or we will drown you in the mighty waves of the corona virus"
A year and a half ago they said that.
A week ago CNN celebrated the murderous regime's brutal 100 year anniversary.. not once did CNN mention the one hundred million(!) People this regime has killed since its existence. A million a year.
Democrats told you not to insult the Chinese by calling it Wuhan virus and they labelled YOU racist when you dared to ask questions about why a relative or friend had to die in an isolation ward or your business had to shut down for a year or that you couldn't meet with friends much.
They celebrated the CCP on CNN and people still to this day keep watching this communist leftist propaganda outlet as if it was normal unbiased news.
When they tell you that the USA is a racist country with so much sin and not worth fighting for, who do you think benefits?
And who pushes that message?
The left. The marxists. The Democrats. CNN and the CCP
You can even trace the money it's all there. CNN international and CNN Asia biggest Ad contributor is now China. But years ago already, CNN's parent companies, Warner media and AT&T with a cool trillion at stake in the next 10 years in the Chinese market do take Chinese instructions, you understand how this works, right?
People are so used to brands...
They think of coca cola as American or Disney and Warner media is American. Nope.
Read their board publications.
They said it out loud for years that their daddy is China, that their entire growth model is China because that's the biggest and only meaningfully growing market where these organisations can grow and satisfy the never ending appetite for expansion.
But that expansion is not the expansion of an American business empire. It's turned Chinese with your help.
And people still believe the left.. they are so brainwashed and so programmed that it'll be nearly impossible to peacefully explain to them that they're helping a communist takeover and the destruction of the West, based on lies, which were injected into the political discourse artificially during occupy wall street as a deflection by the wealthy oligarchs and then skillfully amplified and exploited by the Chinese and the dumb, mentally insane, clueless left helped
Post a Comment