Benzinga Market Summary: Nvidia Replaces Intel In Dow, Oil Rises On Reports Of OPEC+ Delaying Output Increase, US Dollar Index Falls; Global Markets On Watch Ahead Of US Presidential Election
Asia Mixed, Europe Market Rallies In US Election Week; Crude Oil Up 2% - Global Markets Today While US Slept
OPEC+ Delays 2.2M Barrel-per-day Increase Until End of December
Reuters Citing Sources, Reported OPEC+ Agreed To Delay December Output Hike For One Month
The outlook for oil prices is not good! On the eve of OPEC's production increase, usa oil giants are aggressively expanding production.
In the latest quarter, exxon mobil's oil & gas production increased by 24% year-on-year, chevron's production grew by 7%, while royal dutch shell and united kingdom BP increased by 4% and 2% respectively. According to Macquarie, if OPEC resumes production and with additional supply from Brazil and other places, the price of Brent crude oil may fall below $70.
U.S. Drilling Rigs Count Flat Again, Baker Hughes Says