Oil erased an early decline as OPEC+ may resist mounting pressure this week to boost production at a faster clip, and traders looked beyond China’s release of fuel reserves to quell shortages.
Global benchmark Brent was steady after recouping an initial loss of 0.8%. Speaking in Rome after a Group of 20 summit on Sunday, President Joe Biden criticized Saudi Arabia and Russia for their inadequate response to managing supply, while declining to say what he planned to do if producers don’t respond. Key time-spreads pointed to a tight global crude market.
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November 01, 2021 at 05:43AM
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Latest Oil Market News and Analysis for Nov. 1 - Bloomberg
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