Post by
Wiky on Apr 02, 2023 8:37pm
WTI
WTI crude futures surged about 7% to above $80 per barrel on Monday, hitting its strongest levels in over two months after OPEC+ announced a surprise production cut of more than 1 million barrels a day. This complicates the outlook for inflation and interest rates, as investors had been betting that easing price pressures would give central banks room to pause the current tightening cycle. A dispute involving Kurdish authorities which halted exports of around 400,000 barrels a day from the Ceyhan port in Turkey also tightened the market since last week, and seemed unlikely to be resolved anytime soon.