European markets are heading for a mixed open Monday, with oil markets in focus after a surprise production cut by the OPEC+ alliance.
Analysts are forecasting as much as 20% upside to oil prices following"OPEC+'s plan for a further production cut may push oil prices toward the $100 mark again, considering China's reopening and Russia's output cuts as a retaliation move against western sanctions," CMC Markets' analyst Tina Teng told CNBC.
That could nudge up Goldman's Brent forecasts by $5 per barrel to $95 per barrel for December 2023, the investment bank said in a note after the surprise decision overnight.CNBC Pro: Here's what history indicates is in store for U.S. and global stocks in April
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Arabia, OPEC+ producers announce voluntary oil output cutsThe Saudi energy minister said it was a precautionary measure to support the stability of the oil market.
Read more »
VIEW OPEC output cuts to roil markets, little room for others to respondA surprise production cut by Saudi Arabia and other Middle East producers has caught the energy industry flat-footed and will lift global prices with little room for a coordinated response by oil-consuming nations, industry executives said on Sunday.
Read more »
OPEC+ announces surprise oil output cutsOil prices last month fell towards $70 a barrel on concern that the global banking crisis would hit demand. Still, further action by OPEC+ to support the market was not expected as crude recovered toward $80.
Read more »
OPEC+ output cuts are unadvisable, US saysThe Biden administration said the surprise oil output cuts announced on Sunday by Saudi Arabia and other OPEC+ countries were not advisable.
Read more »
OPEC producers announce voluntary oil output cutsThis is expected to cause an immediate rise in prices for the open. West Texas Intermediate, WTI, crude oil rose to the highest in three weeks on Frid
Read more »
Reaction: OPEC output cuts to roil marketsA surprise production cut by Saudi Arabia and other Middle East producers has caught the energy industry flat-footed and will lift global prices with little room for a coordinated response by oil-consuming nations, industry executives said on Sunday.
Read more »