Will crude hit US$100 with Opec+ output status quo amid the energy crunch?
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IT was all the fuel crude prices needed to soar on Tuesday after the oil cartel decided to stick with the output status quo and not raise production amid a growing energy crunch and surprised most pundits.
The latest development leaves the near-term outlook vulnerable to an outsized rise in energy prices, deemed TD Securities in a note.
As expected, crude prices surged with Brent, the global benchmark, breaking past the US$81 a barrel mark to a three-year high on Tuesday's morning session in Asia on news that Opec+ (an alliance between the Organization of the Petroleum Exporting Countries and other key oil producers such as Russia) has decided to keep the supply tight.
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