Crude oil prices rose more than 1% on Monday after the Organization of the Petroleum Exporting Countries and its partners (OPEC+) confirmed its plans to halt the output hike until March 2026 due to “seasonality.” Additionally, the Caspian Pipeline Consortium said it decided to halt operations after Ukrainian drones attacked its terminal on the Black Sea near Novorossiysk, causing severe damage.
NN: OPEC is just forcing out the high production cost competition. They succeeded! No need to tighten supplies further. Looks like the bottom is in