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.
U.S. crude oil production reached a new all-time high of 12.2 million barrels per day in May. Record production was achieved despite less drilling activity, which is a testament to productivity and the pipeline infrastructure expansions which enabled drilled but uncompleted wells to come to market. WTI Crude is $57.67; Brent is $64.46 this morning.
Traders are going be reluctant to go into the weekend holding any short positions after the drone, missile and rocket attacks across the Middle East this week. They will stake their bets based on today's developments, churning the market yet again. WTI Crude is $57.72; Brent is $64.51 this morning.
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