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Commodities

OPEC+ agrees to increase oil production by 400,000/bpd

The Organisation of Petroleum Exporting Countries (OPEC) and its allies on Sunday agreed to increase global oil production by 400,000 barrels per day. OPEC and its Russia-led oil-producing allies, OPEC+, agreed to unleash barrels of bottled-up crude over the next two years by committing to restore all

Market Weekly Update 07/06/2021 to 12/06/2021

OIL Brent crude continued its upward trend last week. It ended the week at a price of $69.3 per barrel, representing a 4.6% increase W-o-W.  Oil prices are expected to continue in this trend as supply remains constrained and demand recovers.  METALS Metals were generally

Goldman proclaims the dawn of a new commodity supercycle

Will COVID-19 kick-start a new commodities super cycle? Goldman Sachs thinks so. While last year’s strong rebound in many commodity prices might be viewed as a “V-shaped vaccine recovery,” the bank contends it is just “the beginning of a much longer structural bull market for

Oil falls on mounting COVID-19 cases, supply concerns

Oil edged lower on Friday, falling more than 2% on the week as COVID-19 cases surged globally and oil supply is set to rise in coming weeks. Brent crude futures LCOc1 settled at $41.92 a barrel, down 2 cents, while U.S. West Texas Intermediate (WTI) crude futures CLc1 lost