Oil Prices Recover Slightly Amid OPEC+ Supply Concerns Oil prices showed a slight rebound on Wednesday but remained near a four-month low as the decision by OPEC+ to increase production later this year continued to influence market sentiment. Both U.S. crude oil and global benchmark Brent witnessed a decline of over 4% this week following the announcement that eight OPEC+ members would gradually phase out 2.2 million barrels per day in production cuts. Analysts, however, suggest that the current sell-off may be exaggerated, with Warren Patterson of ING noting that OPEC+ won’t start boosting production until October, potentially tightening the global oil balance before then. Technical indicators also point to oversold conditions, indicating a possible bounce-back in prices in the near term, according to experts like Bob Yawger of Mizuho Securities. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Heraeus Outlines Four Bullish Indicators for Gold's 2024 Outlook READ MORE World Economic Forum (WEF) in Davos: The Polycrisis READ MORE Record-Breaking Gold Rally Continues for Eighth Day on Safe-Haven Demand READ MORE December PCE: Core Inflation Dropped More Than Expected READ MORE Jobless Claims Drop, Indicating Steady Employment Despite Recent Surge READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment