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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (86500)	6/9/2020 3:07:45 PM
From: Goose94	Read Replies (1) of 203382

Crude Oil: OPEC+ agreed to extend the production cuts for another month, but with the extension mostly baked into market expectations, it has done little for oil prices at the start of the week. Meanwhile, the U.S. officially entered an economic recession in February. Even as OPEC+ agreed to extend the production cuts for another month, Saudi Arabia said that it would end the extra supply cuts that it had imposed in the second quarter. “The voluntary cuts served their purpose and we are moving on,” Prince Abdulaziz said in a press briefing on Monday. Revenues from Saudi oil exports plunged by nearly 22 percent in the second quarter, a decline of $11 billion. Saudi Arabia increased the official selling price for its oil by the most in two decades, with Saudi Aramco raising prices of Arab Light to Asia by $6.10 per barrel. The move is a sign that Saudi Arabia wants to continue to boost the oil market by erasing all the discounts it offered at the start of the price war several months ago.

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