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OPEC+ supply curbs should keep Brent above $100

Oil prices have been given a lift at the prospects of OPEC+ supply cuts in a bid to offer stability to markets.

Brent oil has been restored to levels around the psychologically-important $100/bbl line, though remains capped by its 50-day simple moving average for the time being.

Oil prices have been given a lift at the prospects of OPEC+ supply cuts

An official confirmation by OPEC+ to intervene with tighter production would significantly shore up oil’s presence above $100/bbl.

However, demand-side risks would still have a major say over how oil prices fare over the near-term. Should major central bankers press on with supersized rate hikes that erode demand, a darker outlook for the global economy could well suppress oil’s propensity for further gains.

 

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