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OPEC+ Crisis Makes Oil Volatile as Traders Guess What’s Next

  • Prices surge, then slump as traders weigh different outcomes
  • Tight crude market could eventually result in greater supply
Bloomberg business news
Oil surged to a six-year high as an OPEC+ supply increase was blocked by a dispute between Saudi Arabia and the UAE.Source: Bloomberg
Updated on

The OPEC+ crisis sent oil prices lurching as the cartel left the market wondering whether supply will rise or fall.

Crude jumped briefly to the highest in more than six years in New York after a bitter fight between Saudi Arabia and the United Arab Emirates blocked a production increase. Within hours, the rally had turned into a rout as traders speculated that the breakdown of talks could ultimately result in higher oil supplies.