While the outcome had been anticipated, investors were disappointed and dumped crude after conclusion of the OPEC meeting in Vienna. OPEC members confirmed to maintain production at 30M bpd, at least 1 million above OPEC’s own estimates of demand for its oil next year. The statement made no mention that members are required to comply with quotas.
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WTI Crude Broke Below US$70/bbl as OPEC Maintains Quota
Commodities fell as the market has the Ukraine crisis appeared to have lost their impact. While EU members agreed to raise sanctions against Russia, the real impact on the world economy should be limited. As most European countries rely on gas supplies from Russia, they are restrained in adopting strict punitive measures that might trigger retaliation. Crude oil prices dropped with the front-month WTI contract losing -2.10% while the Brent crude contract down -0.33%. Gold also lost ground with the benchmark Comex contract falling -0.58% at close.
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Commodities Fell as Sanctions against Russia Unlikely to have Much Economic Impact