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Oil Flirts With $70 After The OPEC+ Surprise


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Oil Flirts With $70 After The OPEC+ Surprise
By Josh Owens - Mar 05, 2021, 2:00 PM CST
Brent is now flirting with the $70 mark after OPEC+ shocked markets once again by refusing to bring more oil production online.
In this week s Global Energy Alert, our trading team delves into how an inflationary environment will impact oil stocks.
Friday, March 5th, 2021
Oil skyrocketed on Thursday after OPEC+ decided to hold off on easing production cuts for another month, surprising the oil market. WTI and Brent shot up more than 4%. During early trading on Friday, Brent surpassed $69 per barrel, 
OPEC+ extends cuts, surprising market. OPEC+ extended the cuts through April, aside from a slight increase allowed for Russia and Kazakhstan, due to seasonal consumption patterns. Even Saudi Arabia decided to keep its 1 mb/d of voluntary cuts in place. The surprise news led to a price surge. “One of the reasons the market is continuing to re ....

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