Brent crude rose 2.4% to $84.10 a barrel after OPEC+ agreed to extend voluntary production cuts of 2.2M barrels per day through the third quarter. Saudi Arabia and Russia co-led the extension, citing 'fragile' demand recovery in China and the need to defend a $80+ floor.
The decision tightens the forward balance just as the summer driving season peaks in the Northern Hemisphere. Goldman Sachs lifted its Q3 Brent forecast by $5 to $88.
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