Concerns emerge about a crude surplus as Covid-19 infections rise in many countries
London — Oil prices fell sharply on Monday after Opec+ overcame internal divisions and agreed to boost output, sparking concerns about a crude surplus as Covid-19 infections rise in many countries.
Opec+ ministers agreed on Sunday to increase oil supply from August to cool prices that this month hit their highest level in more than two years as the global economy recovers from the Covid-19 pandemic. “Longer-term, free and additional production capacities from Opec+ countries are the key reason we see oil moving lower again,” said Julius Baer analyst Carsten Menke.However, Goldman Sachs said it remained bullish on the outlook for oil and the agreement was in line with its view that producers “should focus on maintaining a tight physical market all the while guiding for higher future capacity and disincentivising competing investments.
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