The latest OPEC meeting conclusions show that the global economy is not as strong as headlines suggest and that industries all over the world are struggling to recover. Indeed, many manufacturing PMIs (purchasing managers’ indexes) continue to signal contraction. Oil prices have weakened in recent weeks despite the war in Gaza and rising geopolitical risk. At the close of this article, Brent is trading at $81.62 per barrel and WTI at $76.99. This is a mere 7% rise year-to-date. The average price of the OPEC basket in the latest figure of June 2024 was $83.08. OPEC+ has agreed to extend its production cuts until 2025 ... (full story)