BNO - Crude tops $65 for first time since January 2020

Oil prices jumped another 1.8% to over $65 a barrel overnight after OPEC+ decided not to unleash millions of barrels on to the market. The main debate at the meeting was whether to go forward with a collective production increase and if the Saudis would return the 1M bbl/day it voluntary took offline. Analysts had expected there would be some level of increase prior to the gathering - given the extraordinary level of cuts made since the outbreak of the pandemic - before reports surfaced that the group would stand down.Thought bubble: OPEC+ is not behaving as it did in the past, where they would meet once or twice a year. The group is now holding monthly meetings, giving it more immediate power to meet current market conditions, as well as room to maneuver. It's also a signal that OPEC+ producers are weary about how things might play out in

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Crude tops $65 for first time since January 2020