The Bullish Truth Of OPEC’s Agreement

Oil prices jumped 5 percent on Friday after the OPEC+ group announced its vague decision to maintain its collective target while lifting country-specific limits on oil production. The result was viewed as only a modest increase, which could lead to tighter supplies.

Over the weekend, Saudi officials sought to clarify, adding that the move would lead to the increase of 1 million barrels per day. That caused prices to fall back a bit on Monday.

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Goldman: Expect Another Bull Run In Oil

The expected increase in oil production will not leave the market in a situation of oversupply, and in fact, barring no further action, the world could still be short of oil over the next year.

There is no shortage of pitfalls for the bull run, with Trump’s expanding trade war, weaker demand and a potential currency crisis in emerging markets, and the drilling frenzy so far proceeding at an unabated pace in West Texas.

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