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OPEC+’s Stay-the-Course Approach Alarms Febrile Oil Market

  • Crude jumped to an almost seven-year high after OPEC+ meeting
  • Oil is joining other energy commodities as key inflation risk
Oil Slips Following Two-Day Gain With Demand Outlook In Focus
Photographer: Kyle Grillot/Bloomberg
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Prices are surging across febrile global energy markets, but OPEC+ demonstrated that it’s not ready to be diverted from its trajectory of slow and steady oil-production increases.

After a short meeting on Monday, ministers ratified a 400,000 barrel-a-day supply hike for November. While the cartel was simply sticking to its well-established plan to gradually roll back output cuts, traders reacted with alarm, pushing crude to the highest in almost seven years in New York.