COM - Oil stocks lag broad market after OPEC+ boosts output

Crude oil prices are lower after OPEC+ last week agreed to steadily curb output cuts between May and July of this year.Investors are trying to factor in a number of variables, including the pace of increased output."The rise in oil production is expected to be only gradual this year because many large listed producers would prefer to improve shareholder returns instead of investing beyond their cash flows into drilling," notes Oilprice.com's Tsevetana Paraskova.It is also noted that U.S. oil rig counts point to recovering drilling activity after U.S. firms added 13 rigs last week to mark the biggest weekly jump since January of last year. Some oil traders are also pointing to the surging COVID-19 cases in India as a potential drag on global demand in the near term. WTI crude oil prices (CL1:COM) are down 3.40% to $59.36 per barrel, while Brent crude (CO1:COM) prices are 2.99% lower to $62.92

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Oil stocks lag broad market after OPEC+ boosts output