Reported by
Anthony Harrup, Dow Jones Newswires
Oil futures rebounded from initial dips to close with minimal variations, as the OPEC+ resolution to boost production in November maintains prices at the lower end of the recent spectrum.
“At its core, the OPEC+ decision to incrementally increase supply is the primary factor influencing the projections for crude oil stockpile increases,” states Matt Muenster, chief economist at the transport technology company Breakthrough.
Despite Russia’s ability to maneuver its crude oil and refined products amidst sanctions, assaults on Russian energy assets by Ukraine could constrain supply and create a tighter market, he notes. “An international oil surplus may still exist, but it could be less than previously anticipated,” he adds.
