This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bonds of US high yield oil companies dropped with the likes of Occidental (Oxy), Laredo Petroleum, SM Energy and Northern Oil falling ~3%. The move in bonds happened after the OPEC+ members agreed to boost production which saw Brent Crude fall below $70/bbl for the first time since last month, currently at $68.6/bbl. The OPEC+ reached a deal over the weekend to allow monthly production increases of 400,000 barrels a day from August after the UAE and Saudi Arabia ended their standoff. Analysts say this can ease the supply squeeze in the market and reduce inflationary risks driven by a spike in oil prices.