Earlier reports that OPEC+ will discuss potentially lifting output by 500K bpd over a three-month period are weighing on oil prices.
The market has been expecting a 167K bpd increase for the next 11 months but this would accelerate it over a much shorter period and is certainly bearish for oil.
I’m suspicious that this wasn’t leaked yesterday as crude prices fell nearly 4%. Oil fell an additional 80-cents on these headlines but has rebounded somewhat.
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Zooming out, the bottom of the crude oil range is providing some support to WTI. The September low was $61.64.
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