If U.S. production continues to grow this year, OPEC may find itself in the position of having to make more production cuts to balance the market when it meets next in the fall. WTI Crude is $59.57; Brent is $66.70 this morning.
After the G20 summit ends on Saturday, OPEC and its allies, including Russia, meet on Monday and Tuesday to discuss an extension of production cuts to support prices. WTI Crude is $58.84; Brent is $65.95 this morning.
The market has reacted to the unexpectedly pronounced fall in U.S. crude-oil stocks and the escalating tensions in the Middle East. Oil prices have rallied around 15% since the middle of the month. WTI Crude is $59.03; Brent is $65.95 this morning.
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