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Can the Oil Market Absorb OPEC+ Output Hikes?
- OPEC+ surprised with a bigger-than-expected output hike after last weekend's meeting.
- Market speculators are unsure about the actual increase due to compensation cuts.
- Strong summer demand is crucial to absorb extra barrels with potential autumn glut.
- Current oil prices in the $60s are likely to encourage buying, but analysts foresee oversupply.
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