USAI - Why are oil prices falling after supply cuts from OPEC+?
2024-06-05 06:17:17 ET
There was a big announcement from OPEC+ earlier this week that has been rattling through energy sector over the past several days. The group detailed a series of production cuts and extensions , giving participants a clearer tapering schedule through the end of 2025. Despite the proclamation, oil prices have struggled in recent sessions, with Brent crude ( CO1:COM ) falling under $80/bbl for the first time this year and WTI ( CL1:COM ) moving closer to $70, which is way off the $100 mark that OPEC+ is targeting with its new roadmap....
Why are oil prices falling after supply cuts from OPEC+?