Oil news and market movers: OPEC lashes out
- Saudi Energy Minister Prince Abdulaziz bin Salman reiterated that the OPEC agreement from Sunday, like every other OPEC deal, retains the option to pause or reverse production changes if necessary, Bloomberg reported.
- Citigroup upgraded its outlook forecast on the back of comments from OPEC , forecasting that the organization might extend their output caps towards the end of the first half of 2025.
- The Citigroup report also forecasts that Oil prices might fall to $70 in 2H 2024 and to $60 per barrel in 2025 if OPEC does not change its production levels.
- Some help for Oil prices could come as US Federal Reserve Funds futures pricing data projects a rate cut in September. Lower interest rates could spark demand for Oil again, Reuters reports.
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