OPEC+ supply cuts loom over already tight oil market

OPEC+ producers look set to cut output when they meet on Wednesday, squeezing supply in an oil market that energy company executives and analysts say is already tight due to healthy demand, lack of investment and supply problems. The potential OPEC+ cut could spur a recovery in oil prices which have dropped to about $90 from $120 just three months ago due to fears of a global economic recession, rising U.S. interest rates and a stronger dollar. OPEC+, which includes Saudi Arabia and Russia, surprised the market by suggesting output cuts in excess of one million barrels per day (bpd), sources from the group have said.
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Oil Rises for Sixth Week as Growing Chorus Predicts $100 Price

(Bloomberg) — Oil posted its sixth straight weekly gain, with prices trading near a seven-year high as crude makes a roaring start to 2022. Most Read from BloombergStocks Roar Back With Best Day Since June 2020: Markets WrapWall Street Briefed by Biden Team on Possible Russia SanctionsBoeing Is Set to Launch Its First New Jet in Nearly Five Years With 50-Plane Qatar DealApple to Rival Square by Turning iPhones Into Payment TerminalsCrypto Secrecy Makes DeFi a Financial Felon’s WonderlandWest Te
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Oil Drops From Seven-Year High After Fed Flags Tighter Policy

(Bloomberg) — Oil fell from a seven-year high after the U.S. Federal Reserve signaled that it would soon start raising interest rates to quell inflation, denting investors’ appetite for risk assets including commodities.Most Read from BloombergPowell Backs March Liftoff, Won’t Rule Out Hike Every MeetingA Nor’easter Approaching New York Risks Becoming a Bomb CycloneStocks Halt Rally as Bond Yields Spike After Fed: Markets WrapAstronomers Spot Never-Before Seen Object at 4,000 Light-Years AwaySc
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