Commodities: Oil Market Shrugs Off OPEC+ Supply Increase

2025-07-08 02:20:00 ET

By Warren Patterson , Ewa Manthey

Energy - Oil rallies despite OPEC+ supply increase

While prices initially slid yesterday following a larger-than-expected OPEC+ supply hike, the market managed to turn positive, with Brent settling almost 1.9% higher on the day. The increase in August Saudi official selling prices provided some comfort. Furthermore, the market is still tight in the near term. This is reflected in the strength in the prompt Brent timespread. The expected supply surplus won’t materialise until later this year, when we expect more sustained downward price pressure....

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