A decline in margins has weighed on refining stocks
OPEC oil output rose in June for a second consecutive month, a Reuters survey found on Tuesday, as higher supply from Nigeria and Iran offset the impact of voluntary supply cuts by other members and the wider OPEC+ alliance.
The numbers are in, and they do all the talking.
Oil prices NYSEARCA: USO are near the low end of a multi-year trading range, aiding the broad market rally in stocks. Oil prices are a fundamental driver of inflation that compounds within the economy, and the inflation outlook is driving the market.
Citi Research continues to expect that OPEC+ will hold its production cuts through the third quarter of this year, it said in a note on Wednesday.