OPEC reports its oil output in July rose by 640,000 bpd to 26.66 million bpd

Market news

12 August 2021

OPEC reports its oil output in July rose by 640,000 bpd to 26.66 million bpd

Says Saudi Arabia increased output by 547k bpd as voluntary cuts phase out
Raises forecasts for world economic growth in 2021 and 2022
Sees global economy growing by 5.6% this year, up from 5.5% previously forecast
Sees 2021, 2022 global oil demand growth forecasts unchanged
Reiterates that it expects oil market to tighten in 2H 2022

GBP/USD to increase bullish potential on a break above 55-DMA at 1.3920 - Credit Suisse

U.S. 10-year yields to post another leg higher towards 1.43/46% - Commerzbank

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