- Oil prices move up to end the volatile week with a modest gain
- “residual concerns” that the market “could see supply struggle to keep up with demand
Oil prices move up says an article on Market Watch.
Oil prices plunge
Oil futures moved up on Friday, with gains for a fourth-straight session allowing prices to rebound from the lowest settlements since May after a sharp drop on Monday.
“Traders were uncertain as to whether the OPEC+ agreement was bullish, representing continued cohesion, or bearish, signaling more oil on the market,” Michael Lynch, president at Strategic Energy & Economic Research, told MarketWatch. The Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, decided on Sunday to gradually increase production levels each month starting in August.
Oil prices had plunged in the early part of the week on “concerns that rising global delta variant infection rates could undermine the economic rebound,” or slow it down.
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Source: Market Watch
