YGRN - Weekly Energy Recap: Is It Premature For OPEC+ To Consider Easing Output Cuts Further?

• Oil prices continue to rise for the fifth consecutive week. Brent crude price closed the week by rising to $76.18 per barrel, while WTI rose to $74.05 per barrel.
• The global oil market might be rapidly shifting from a period of oversupply during the height of the pandemic to a shortage of supply, as physical oil market gains suggest more support for oil futures rally.
• Petroleum refined product prices are rising on stronger demand and tighter supplies, suggesting physical markets are catching up with the futures rally and providing more fundamental support for oil prices. This has brought up discussions of an OPEC output rise, but the question remains whether it might be too early for such a move by OPEC+.

For further details see: