Insight - End to market talk of US$100 a barrel crude oil market talk

It’s a deal: The Opec agreement doesn’t necessarily end the bullish case for oil demand, but it does alter the supply part of the equation.— Reuters

THE Opec+ deal to boost crude oil output from August was always the most likely outcome to the producer group’s earlier impasse, and it should be enough to end market talk of US$100 (RM421.80) a barrel oil, at least for now.

Opec+ ministers agreed on Sunday to boost production by 400,000 barrels per day (bpd) from August to December, adding a total of two million bpd to global supply by the end of the year.