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Oil & Gas Technical Compendium

July ends with an oil price gain as OPEC+ plans to increase supply

Oil is set to end July with a gain in New York ahead of OPEC+ plans to return supply to the market after the group’s historic output cuts, while the coronavirus pandemic continued to spread across many major economies.Futures reversed Thursday’s decline to trade above $40 a barrel. Deep production curbs by the Organization of Petroleum Exporting Countries and its allies have helped oil rebound from its plunge below zero in April, but it’s a precarious time to be adding more supply to the market as virus cases continue to expand rapidly through some American states and stages a comeback in Asia. Data Thursday showed the U.S. economy suffered its sharpest downturn since at least the 1940s in the second quarter, highlighting the devastating im.....

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