The involvement of the largest members suggest that adherence to the move may be stronger than before, analyst says
Sydney — Oil prices surged on Monday after Saudi Arabia and other Opec+ producers announced a surprise round of output cuts, a potentially ominous sign for global inflation just days after a slowdown in US price data had boosted market optimism.
“The involvement of the largest Opec+ members suggest that adherence to production cuts may be stronger than has been the case in the past,” said Vivek Dhar, an energy analyst at CBA. Goldman Sachs lifted its forecast for Brent to $95 a barrel by the end of the year and to $100 for 2024. The jolt to inflation expectations saw yields on US two-year Treasuries rise four basis points to 4.11%, while Fed fund futures pared back expectations for rate cuts later in the year.
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