DBO - Market's Bearish Developments Show That OPEC+ Was Right

• The latest bearish developments in global oil markets invalidates the earlier requests from both the White House and the IEA for OPEC+ to boost oil output.
• Certainly, the cautious approach of OPEC+ that was taken in July proved to be right, gradually increasing output monthly by 400,000 bpd until the end of 2021.
• The latest bearish news from the drop in commodity markets have weighed down on oil market sentiments and pushed oil prices down, despite the huge draws in OECD oil inventories and the relevant strength in the physical oil markets.

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