{"id":14070,"date":"2021-07-16T08:05:40","date_gmt":"2021-07-16T08:05:40","guid":{"rendered":"https:\/\/errante.net\/?p=14070"},"modified":"2021-07-16T08:05:42","modified_gmt":"2021-07-16T08:05:42","slug":"its-a-bad-week-for-oil","status":"publish","type":"post","link":"https:\/\/errante.net\/its-a-bad-week-for-oil\/","title":{"rendered":"It\u2019s a Bad Week for Oil"},"content":{"rendered":"\n
Oil headed for the biggest weekly loss since mid-March as a resurgence of Covid-19 and uncertainty around the prospect for an OPEC+ deal to increase supply clouded the short-term outlook. <\/p>\n\n\n\n
Oil prices fell by more than $1 a barrel on Thursday on expectations of more crude hitting the market after a compromise deal between leading OPEC producers and a surprisingly poor weekly reading on U.S. fuel demand. <\/p>\n\n\n\n
Talks among the Organization of the Petroleum Exporting Countries, Russia, and their allies, a group known as OPEC+, broke down this month after the UAE objected to extending the group’s supply pact beyond April 2022, saying the deal did not account for the UAE’s increased output capacity. <\/p>\n\n\n\n
The agreement should now pave the way for OPEC+ members to extend a deal to curb output until the end of 2022, the sources added<\/a>, although the UAE energy ministry said in a statement that no deal with OPEC+ on its baseline has been reached and deliberations were continuing. <\/p>\n\n\n\n Brent crude is down to $73.25<\/a> and Crude Oil WTI Futures down to $71.47<\/a> which could indicate an opportunity to buy at 10.30 GMT+3. <\/p>\n\n\n\n If you have any questions, please email our Education Centre<\/a>.<\/p>\n\n\n\n If you have any questions or require any assistance, please contact one of our support team members via our Live Chat or email support@errante.net<\/a>.<\/p>\n\n\n\n We are Errante. Trading made personal<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":" Oil headed for the biggest weekly loss since mid-March as a resurgence of Covid-19 and uncertainty around the prospect for an OPEC+ deal to increase supply clouded the short-term outlook. Oil prices fell by more than $1 a barrel on Thursday on expectations of more crude hitting the market after a compromise deal between leading […]<\/p>\n","protected":false},"author":6,"featured_media":14092,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[437,9],"tags":[],"yoast_head":"\n