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YGRN - Weekly Energy Recap: Trading Range Squeezed
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
Oil prices moved in the narrowest range ever this past week. Brent crude oil fell by only 10 cents from the week earlier to close at $43.14 per barrel while WTI moved higher by only 4 cents to $40.59 per barrel. These prices are extremely close to the July average for both benchmarks so far.
Historically large output cuts by OPEC+ of nearly 2 million barrels per day through the end of the year are already well priced into the market.
OPEC's 13 members pumped 22.27 million bpd in June. The 23 OPEC+ producers have