08.07.2021
Market commentary heating oil 08.07.21
There is significant unrest within the OPEC+ oil production cartel:
The United Arab Emirates resisted a joint agreement to ease production limits for so long that last weekend’s meeting ended without results. Although prices initially stabilized afterward, a speculative chain reaction on the stock market then triggered heavy losses. This was welcomed by the Russians, who want to prevent the U.S. from ramping up its production again.