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Crude Oil Prices Drop as US Push Through With Anti-OPEC Bill

Crude Oil Prices Drop as US Push Through With Anti-OPEC Bill

Justin McQueen, Analyst

Crude Oil Price Analysis & News

  • Risk Sentiment Dampened
  • Oil Prices Extend Losses on NOPEC Bill

In line with the general risk-off sentiment, oil prices have come under notable selling pressure with both Brent and WTI crude futures falling 2-2.5%. Alongside this, the move lower in oil prices had been exacerbated by reports that the US House Judiciary Committee had passed a bill that would open OPEC to antitrust lawsuits over production cuts, making it illegal for any foreign state to act collectively to limit the production of oil or set prices.

However, while the initial reaction has seen oil prices drop, the likelihood that such a bill will be signed into law is still small at this stage. Similar bills have been introduced in Congress for the best part of two decades with little success. While oil prices are up over 30% having recently hit a monthly high at $68, this is still below levels of $100 over a decade ago where similar bills have been passed in the full house. That said being, should the bill manage to gain traction, it would have to pass both chambers in Congress and signed by President Biden, however, at present, that seems unlikely.

Crude Oil Chart: Intra-day Timeframe

Crude Oil Prices Drop as US Push Through With Anti-OPEC Bill

Source: IG

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