Crude oil futures settled higher July 29 as tight supply outlooks and a weaker US dollar overshadowed economic uncertainty and recession fears. NYMEX September WTI settled $2.20 higher at $98.62/b, and ICE September Brent climbed $2.87 to $110.01/b. OPEC+ delegates said July 29 there is a real possibility the group will not raise production in September, despite intense lobbying efforts from the US and its allies. The decision will reveal how the OPEC+ alliance, in particular Saudi Arabia and the UAE, has assessed the market's outlook, including the prospects of a global recession that would take a bite out of oil demand Under the current OPEC+ pact, the group will in August eliminate the last of its output cuts and restore its quotas to pre-pandemic levels.

https://www.hellenicshippingnews.com/crude-rallies-as-tight-global-supply-overshadows-rescission-fears/

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