Oil prices hover near pre-conflict levels as OPEC+ boosts output again

OPEC+ approved an August crude production increase, citing recovering crude supplies and easing geopolitical concerns. Oil prices are reported to be near pre-conflict levels, implying incremental supply could weigh on prices despite the stabilization backdrop. This is likely to be sector-moving for energy equities and oil-linked risk premia.

Analysis

OPEC+ approved an August crude production increase, citing recovering crude supplies and easing geopolitical concerns. Oil prices are reported to be near pre-conflict levels, implying incremental supply could weigh on prices despite the stabilization backdrop. This is likely to be sector-moving for energy equities and oil-linked risk premia.