2023-04-03 02:16:32 ET
Summary
- Saudi Arabia led a 1.16M barrels per day cut in OPEC+'s production, propelling the recent recovery in oil prices further.
- Russia's extension of its supply cut from July could intensify the bull case further, coupled with China's economic recovery in H2CY'23.
- We assessed that a bottom in oil prices likely occurred in mid-March. OPEC+'s announcement should bolster sentiments further.
- While its near-term upside is likely reflected, we think the secular story for oil prices looks ready to reverse from its slide and re-test recent highs moving ahead.
For further details see:
USO: Oil Bulls Are Fighting Back With Renewed Vigor