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Energy: OPEC+ supply increases - ING
Oil prices came under significant pressure yesterday, with ICE Brent falling more than 3% over the day, ING's commodity experts Ewa Manthey and Warren Patterson note.
Sharp decline in US crude Oil stocks - Commerzbank
US crude Oil inventories fell unexpectedly sharply by 9.3 million barrels last week, according to the US Department of Energy, Commerzbank's commodity analyst Carsten Fritsch notes.
EIA confirms large inventory draw last week - ING
As widely expected, the Fed has resumed cutting interest rates with a 25bp move yesterday. They think three more cuts will be enough to boost growth and prompt a revival in the jobs market, but the market is sceptical.
IEA foresees massive oversupply on the oil market - Commerzbank
The International Energy Agency expects a massive supply surplus on the global oil market of 3.33 million barrels per day on average in the coming year, based on its forecasts, Commerzbank's commodity analyst Carsten Fritsch notes.
IEA boosts its oil supply estimates - ING
Oil prices extended declines with ICE Brent trading just below $66/bbl this morning, amid softening demand and persistent concerns over a looming global supply surplus.
Brent faces hurdle at 200-Day Moving Average - Société Générale
Brent crude's rebound is losing steam as it struggles to clear its 200-day moving average near $70.50-71.00, keeping downside risks intact with key support at $65, Société Générale's FX analysts note.
No further increase in OPEC+ production quotas expected - Commerzbank
This coming weekend, the OPEC+ countries with voluntary production cuts will meet virtually, Commerzbank's commodity analyst Carsten Fritsch notes.
Oil prices rise again - Commerzbank
Oil prices started the month with gains. Brent quickly made up for the 'losses' caused by the contract rollover and broke through the $68 per barrel mark during the course of the day. Due to Labor Day, US markets were closed on Monday, which reduces the significance of yesterday's price movements.
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