This weekend's 11th hour decision to cut OPEC oil output by 23% was supposed to end the oil price war between Saudi Arabia and the rest of OPEC+, but it appears Saudi Arabia did not get the memo.
U.S. West Texas Intermediate and international benchmark Brent crude oil futures are likely to firm next week after OPEC and its allies agreed to a historic production cut agreement on Friday. The reason weβre not too enthusiastic about a major breakout to the upside or change in trend is because dealmakers hit a snag and we continue to look for demand destruction.
U.S. West Texas Intermediate and international benchmark Brent crude oil futures are likely to firm next week after OPEC and its allies agreed to a historic production cut agreement on Friday. The reason weβre not too enthusiastic about a major breakout to the upside or change in trend is because dealmakers hit a snag and we continue to look for demand destruction.