OPEC and its allies agreed to boost output. Bloomberg Intelligence commodity strategist Mike McGlone discusses what the deal means for oil prices. Oil declined after OPEC+ agreed to boost production into 2022, resolving a bitter internal dispute that had shaken the alliance with a pledge to restore millions of barrels of crude output to the energy market. Global benchmark Brent and West Texas Intermediate each shed 1%. The Organization of Petroleum Exporting Countries and allies will add 400,000 barrels a day each month from August until all halted output is revived. The deal also gives Saudi Arabia, the UAE, Iraq, Kuwait and Russia higher baselines against which cuts are measured from May 2022. At the same time, a surge in virus cases from the U.S. to Asia threatens to set back the demand recovery. The complex pact, announced at the weekend after a spat between Saudi Arabia and […]