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Brent unimpressed by OPEC move
Yesterday OPEC+ did pretty much as expected and delayed any output hikes. The oil cartel confirmed it will extend the 3.65 million BPD output cut until the mid/end of 2026. The reaction across the oil markets did see prices initially lift on the news, but not for long and since yesterday afternoon, the price action has been southbound. Brent for February delivery later settled $0.22 lower on the NYMEX exchange, at $72.09. It has fallen back further so far today. Brent has hit a session low so far, at $71.76. So, as you can see, the market is rather unimpressed by the OPEC+ news and it remains to be seen how this will play out from here. The early signs are not that positive it seems. Brent for February delivery is currently trading at $71.80
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