For the second consecutive month, the Organization of Petroleum Countries and the non-OPEC oil exporters in the “plus” group that together make up OPEC+ surprised oil markets, this time with a decision to increase output.
The second surprise from the virtual OPEC+ meeting Thursday is that oil prices finished the trading day near the highs of the day’s activity. Ultra low sulfur diesel on the CME commodity exchange settled at $1.8325/gallon, the highest settlement since the March 17 settlement of...