BRE2L.MI is trading at $31.39 (-3.22%) as Brent crude prices retreat following the July 5 OPEC+ decision to increase supply.
- The OPEC+ alliance announced a production increase of 188,000 barrels per day for August, pressuring Brent crude toward the $72 per barrel level.
- Markets are pricing in higher future supply and softer crude prices, weighing heavily on leveraged long products like this 2x Brent oil ETC.