Crude Trend analysis
The energy benchmark had previously benefited from the Organization of Petroleum Exporting Countries, Russia, and its allies, known as OPEC+, decision on Monday. According to Reuters, the oil cartel reaffirmed a previously agreed accord in which 400,000 barrels per day (BPD) will be added in November. “An OPEC+ source told Reuters soon before Monday's ministerial talks that the group had been pressured to ramp up output faster, but added: ‘We are terrified of the fourth wave of corona; no one wants to make any huge moves,'” according to Reuters.
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