Oil is set for its biggest monthly loss before the OPEC + meeting this year

A.D. Profit is expected in 2022, OPEC + predicts supply shortages this year.

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Oil is leading to a major monthly loss in New York as investors weigh more OPEC + prospects and renewable energy production in the United States following Hurricane Ida.

West Texas Central fell by 1.5% in New York and dropped by about 7% this month. Gulf of Mexico producers are expected to gradually resume operations after Ida off the coast of Louisiana over the weekend. It is expected that the refineries will gradually return to work.

According to Robert Yawger, future director of Mizuho Security, the industry is hopeful.

“I’ll be back in a week,” he said.

As the epidemic worsens, the Organization of Petroleum Exporting Countries (OPEC) and its partners met on Wednesday to assess global market and demand expectations. The union continues to increase production, but predicts a shortage this year. A profit is expected in 2022.

As investors react to the recent turmoil in the global health crisis and the dollar fluctuating, August’s turbulent, week-long volatility. Although there is an improved picture in the collection, the US benchmark decline has decreased this month, and some countries have been able to control the Delta-led viral epidemic.

“Recognizing that some pre-OPEC + swings and hurricanes have a short-term negative impact on demand, should not affect supply,” said Ole Hansen, head of Sako Bank’s A / S Commodity Strategy.

Prices:

  • WTI Delivery October October At 11:29, the barrel lost 28 cents to $ 68.93.
  • Brent fell 0.33% to $ 73.17 a barrel in October.
  • The most active November deal fell to $ 72.170 per barrel.

Ida-damaged energy companies move to restore order. Colonial Pipeline Company announced on Tuesday that it had started operations on two key pipelines from the Gulf Sea to the northeast.

Data in Asia continues to show the impact of the delta virus outbreak in recent months. On Tuesday, China’s official manufacturing procurement index fell by 50.4 to 50.1, according to Bloomberg Economists. That means it could affect the pace of growth to test Beijing’s delta variability. Meanwhile, according to government data, according to Bloomberg estimates, Japan’s oil demand fell by about 8% in 2019.

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