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 Fed's Inflation Blunder Sets Stage for Looming US Recession, Says Top Economist READ MORE China's Relentless Gold Buying Streak Fuels Record Price Surge READ MORE Yuan Undercuts Dollar: A Shift in Global Currency Dynamics READ MORE Dow Nears Historic 40,000 Milestone Amid Optimism READ MORE Kazakhstan Bolsters Its Economy with a Gold-Heavy Reserve Strategy READ MORE Add a Comment Cancel replyYour email address will not be published.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