📉OPEC+ production boost collapses oil prices

Reuters has reported that OPEC+, a cartel of oil-producing countries, is strongly considering a production hike commitment at its meeting over the weekend.

OIL.WTI (H4)

Source: Xstation

Donald Trump’s policy and lower prices have forced the cartel’s hand to attempt to reclaim recently lost market share.

Source: Bloomberg Finance LP, XTB

OPEC has already surprised traders multiple times this year with its shift in strategy toward being more production-oriented rather than controlling supply by all means.

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