Energy rout extends as market eyes OPEC+discord, rising supply outlooks

摘要

Crude oil prices again settled lower July 7 amid concerns that a breakdown in OPEC+ negotiations could lead to rising supply later this year. NYMEX August WTI settled down $1.17 at $72.20/b and ICE September finished $1.10 lower at $73.43/b. OPEC and its allies remain deadlocked in discussion to raise production quotas beyond August. Ahead of the meeting the group had signaled that it would raise its collective crude output by 400,000 b/d each month from August to December.