Weekly Crude Oil Review: WTI Futures Slip Under $110 Mark As OPEC Set To Raise Production

2 Jul 2022 , 12:37 PM

WTI Crude oil futures eased from a one and half week high today, turning lower as markets eyed US recession worries. The US economy last quarter saw its worst annualized performance since the pandemic-induced recession in 2020. The comments from US Fed Chair Jerome Powell also weighed on the oil prices. Meanwhile, the OPEC and non-OPEC partners, a group sometimes referred to as OPEC+ will increase monthly overall production for the month of August to 648,000 barrels per day. OPEC+ said its next meeting would take place on August 3rd. The OPEC + group reiterated the critical importance of adhering to full conformity and to the compensation mechanism. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.Powered by Commodity Insights