The Organization of the Petroleum Exporting Countries (OPEC) in its allies, the group known as OPEC+, needs to compensate for May-July’s 2.31 million barrels per day (bpd) overproduction in August-September, Reuters reported, citing an internal document. “OPEC+ sees an alternative scenario where stronger, more prolonged second virus wave in H2 2020 leads to lower economic recovery and weaker oil demand,” the document further revealed. “OPEC+ alternative scenario sees demand falling by 11.2 million bpd in 2020, sending Q4 OECD commercial oil stocks to 233 million barrels above the 5-year average.” Market reaction Crude oil prices edged lower in the last minutes and the barrel of West Texas Intermediate (WTI) is down 0.86% on the day at $42.38 FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD Price Analysis: Pullback could extend to 1.1700 FX Street 2 years The Organization of the Petroleum Exporting Countries (OPEC) in its allies, the group known as OPEC+, needs to compensate for May-July's 2.31 million barrels per day (bpd) overproduction in August-September, Reuters reported, citing an internal document. "OPEC+ sees an alternative scenario where stronger, more prolonged second virus wave in H2 2020 leads to lower economic recovery and weaker oil demand," the document further revealed. "OPEC+ alternative scenario sees demand falling by 11.2 million bpd in 2020, sending Q4 OECD commercial oil stocks to 233 million barrels above the 5-year average." Market reaction Crude oil prices edged lower in the last minutes and the barrel… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
