OPEC’s meeting may not wreck the bullish oil run – Forex News Preview
March 3, 2021 12:26 pm
With oil prices soaring more than 70% during the past three months, the OPEC oil cartel is facing increasing calls to start boosting its output amid rising optimism the vaccine rollouts and the loosening virus-related curbs could bolster demand for the commodity. On Thursday, the group could respond by further easing its output caps, though whether such a decision could be enough to knock oil prices down may depend on how generous the supply increase would be.
With oil prices soaring more than 70% during the past three months, the OPEC oil cartel is facing increasing calls to start boosting its output amid rising optimism the vaccine rollouts and the loosening virus-related curbs could bolster demand for the commodity. On Thursday, the group could respond by further easing its output caps, though whether such a decision could be enough to knock oil prices down may depend on how generous the supply increase would be.
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