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 Yellen Cautions: Inflation’s Decline Might Not Be Smooth READ MORE Gold Beans: The New Investment Craze Among China's Youth READ MORE Gold Slides Below $2,000 As U.S. Inflation Exceeds Expectations READ MORE Fed Could Slash Rates by 200 Points Over 8 Meetings, Citi Analysts Predict READ MORE India's Gold Demand Eases Post-Festival, Prices Remain Strong READ MORE Add a Comment Cancel replyYour email address will not be published.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