BNY Says OPEC+ Output Hike Adds Pressure on Brent Prices
BNY analyst Geoff Yu notes that OPEC+ has ratified another production quota increase, extending gradual supply normalization and adding downward pressure on Brent crude.
BCOUSD
BNY's Geoff Yu observes that OPEC+ has approved another production quota increase, continuing the gradual normalization of oil supply. This move is expected to add further downward pressure on Brent crude prices.
The analyst highlights that the supply normalization process is extending, which could weigh on the market in the near term. No specific figures or dates were provided in the note.
Source: FXStreet Forex News