United States Brent Oil Fund, LP

In the latest meeting, OPEC+ agreed to extend production cuts of 3.66 million barrels per day (bpd) until the end of 2025, along with prolonging cuts of 2.2 million bpd until September 2024.

Wall Street has been hovering around a record high.

Oil prices may see a recovery in demand if global central banks start cutting rates by 2024-end, and if supply falls due to the replenishment of the US strategic petroleum reserve and continued OPEC+ output cuts. However, the growing thrust on clean energy is a negative for the long term.

Iran launched a barrage of explosive drones and missiles on Israel late on Saturday in its first direct attack on Israeli soil, prompting concerns of a significant escalation.

In a significant development in the energy sector, Iraq is set to reactivate a previously dormant pipeline to Turkey, which could substantially impact regional oil exports and negotiations. What Happened: Iraq is reviving a pipeline to Turkey, potentially exporting 350,000 barrels per day by month’s end, Reuters reported on Sunday. This move co...