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    Expect WTI crude to be around $60 per barrel, says XM Australia's Peter McGuire

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    Expect WTI crude to be around $60 per barrel, says XM Australia's Peter McGuire

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    Crude oil prices had run up ahead of the OPEC meeting. So expect it to give up a few of those gains.

    OPEC and its allies on Wednesday agreed to stick to their existing policy of gradual oil output increases, despite revising its 2022 demand outlook upwards and ongoing US pressure to raise production more quickly.
    The Organisation of the Petroleum Exporting Countries and allies led by Russia agreed in July to phase out record output cuts by adding 400,000 barrels per day (bpd) of oil a month.
    In an interview to Manisha Gupta, Peter McGuire, CEO of XM Australia said crude oil prices had run up ahead of the OPEC meeting and so expects it to give up a few of those gains.
    "I think crude oil was oversold at $62 per barrel for WTI. It has had a big move up within a week - it was up about 11-12 percent for the week. So it will give up a few of those gains as the good news was already baked-in in the appreciation of the OPEC meeting. In essence, I feel that the price of crude will be closer to $60 per barrel than $70 per barrel for WTI."
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