Oil Extends Fall as OPEC Concerns Mount

US benchmark oil prices are extending earlier declines, down 1.8% at $73.47 a barrel and are now on course for a small weekly decline that would mark the first losing week in six weeks. “It appears the market may be fearful of OPEC rising production above the planned 400K when they meet next week,” says Peter Cardillo at Spartan Capital. “While the market has had a nice run, we think, the chances of OPEC staying pat outweighs the chance of further increases [beyond the 400k bpd] as the delta variant is still a potential spoiler.”