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Global Oil Benchmarks Clash in Aftermath of Ambiguous OPEC Pact

  • Saudis see close to 1m b/d output gain; others forecast lower
  • Brent slides as much as 2.4%, while WTI crude falls 0.3%
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Novak discusses OPEC’s output hike on the sidelines of last week’s meeting in Vienna.Source: Bloomberg
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The world’s two most important oil benchmarks are behaving very differently in the aftermath of OPEC’s meeting in Vienna.

Brent crude is being pared back by Saudi Arabia’s pledge to boost output after an ambiguous OPEC pact and contradictory statements from other nations spurred a price jump on Friday, while shrinking stockpiles are supporting West Texas Intermediate. The spread between the European and U.S. markers narrowed more than 16 percent Monday and has almost halved in under a week.