Oil struggles as OPEC+ sticks to output hikes – Danske Bank

Oil prices remain under pressure after OPEC+ confirmed a third consecutive monthly output hike, reinforcing bearish sentiment in a market already unsettled by global trade tensions and geopolitical risks, Danske Bank's FX analysts report.

Third straight OPEC+ increase weighs on prices

"Oil prices continue to trade on a heavy note. The decision by OPEC+ over the weekend to continue its fast-paced normalisation of oil output was another blow to the oil market that still battles with uncertainty around global trade policy."

"With OPEC+ readying its third straight month of hiking output we think the market has adjusted to the changed reaction function of the cartel and focus for the market might turn to upcoming decisions on tariffs and sanctions."