Oil: Market negatively affected – Danske Bank

According to Danske Bank analysts, the oil market was negatively affected not only by the trade news yesterday but also by news that OPEC+ is not going to consider increasing its current output cuts when it meets next month.

Key Quotes

“OPEC wants to increase compliance to current output cuts. The news added to the decline in oil prices. In addition, the weekly US oil inventory report showed an increase of 8mb last week. The price on Brent crude dropped below USD62/bbl.”