Oil prices face 'extremely bearish' outlook on OPEC+ policy pivot

Oil prices face 'extremely bearish' outlook on OPEC+ policy pivot

Rory Johnston, founder of Commodity Context, talks about the coalition's changing strategy amid global market uncertainty. Watch here.

From Supply Cuts to Oil Contango, OPEC+ Shifted Market Outlook

Crude oil prices have fallen more than 20% since the beginning of April, with mounting concerns over rising supply from OPEC and growing fears of a long-term supply surplus. Although the broader trends remain bearish, prices are ticking up today. WTI and Brent crude have both increased by over $1.50 to $58/bbl and $61/bbl, respectively. At the heart of this price movement is OPEC+’s decision to accelerate the unwinding of voluntary production cu…