The Rising Influence of Rising Affluence

[DewDiligence]

WTI hits 2-year high on OPEC+ (non)-move:

https://www.wsj.com/articles/saudis-russia-discuss-joint-oil-output-raise-ahead-of-opec-meeting-11614857084

OPEC and a Russia-led coalition of oil producers kept most of their production cuts in place, surprising traders and sending oil prices up dramatically.

Traders were expecting the group to meter out more oil to the world after prices had climbed steadily from pandemic lows last year. Brent, the international crude benchmark, was trading in the early afternoon up more than 5%, at $67.55 a barrel, its highest level since January 2020. Futures for West Texas Intermediate, the U.S. benchmark, were up 5% at $64.60 a barrel, its highest intraday level since April 2019.