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Oil declines after OPEC + betting market can absorb more barrels




Argentina's shale ambitions balanced after YPF Bond drama

Photographer: Anita Pouchard Serra / Bloomberg

Oil fell after OPEC + decided to increase production in the three months to July and figures showed coronavirus infections in India hit a record high, underscoring the risks to demand for energy from one of the main importers in Asia.

West Texas Intermediate fell 0.9%, offsetting the 3.9% gain seen on Thursday, when the alliance agreed to gradually relax its supply brakes. The group willincrease production by more than one million barrels per day in stages between May and July, and over the same period, Saudi Arabia will reverse its voluntary reduction of one million barrels per day. The markets were closed Friday for a holiday.

WTI fell below $ 61 after cartel moved to ease supply restrictions

Crude has staged an impressive rally this year as the coronavirus vaccine rollout paves the way for key economies to reopen, and the decision by the Organization of the Petroleum Exporting Countries and its allies has been seen as a vote of confidence in the outlook. The United States added more than 900,000 jobs in March, reinforcing signs that some major regions are firmly on the mend. While this bodes well for oil demand, significant risks – such as the upside in Indian cases – point to a complex, multi-overall image speed.

Ahead of Thursday’s meeting, the OPEC + cartel was expected to maintain its cautious stance by reversing cuts that applied to most countries, although Russia was allowed to increase at the previous meeting. Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC + is now “testing” the market and can reverse the course if necessary at the next session on April 28.

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