OPEC+ hikes output as prices fall

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OPEC+ on Sunday agreed to increase crude production again, as more barrels flow through the Strait of Hormuz amid a US-Iran ceasefire.
The move by the group of oil-producing nations and its allies will add to the supply of fuel in global markets, which analysts warn are poised for a glut as oil prices fall.
Navigating the post-war market will mark the latest test for OPEC+, months after the United Arab Emirates quit the organization; analysts expect the country could also ramp up production.
The war also changed the oil market by ushering in a wave of retail trading from individuals betting on price swings: The world’s largest derivatives exchange will let people trade contracts for just 10 barrels of oil 24/7.

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