Oil Volatile After UAE Resolves OPEC+ Standoff Saudis fold? Oil algos are unsure what to make of the latest headlines for now as Bloomberg reports that UAE has resolved its standoff with OPEC and agreed on a new higher baseline production level of 3.65m b/d (versus the UAE's prior 3.16m b/d output level). Additionally, the OPEC+ deal is to be extended until the end of 2022 (vs the original April 2022), according to a source. WTI tested up to to $75 and tumbled down to $74 on the headline, then rebounded rapidly back up to test $75 again... Bloomberg also reports that an unnamed OPEC delegate has confirmed a new date for a meeting will be set soon. However, oil prices will continue to be volatile, as Ed Morse, head of commodities research at Citigroup Inc., noted: “Even if OPEC decides to raise output in August, that crude will not reach refineries until after the August peak-demand period will be over." Tyler Durden Wed, 07/14/2021 - 07:30