Oil prices rise for third week on OPEC+ cut and inventory declines.
TL;DR
Oil prices are set to extend gains for a third consecutive week after OPEC+ surprised the market with a production cut, despite concerns about a global economic slowdown. However, negative economic data from the US and China has capped the initial rally. The bullish momentum may have paused, but upside potential remains given the tightening supply backdrop, according to PVM broker Stephen Brennock.
- Oil Prices Set To Extend Gains For A Third Consecutive Week OilPrice.com
- WTI crude oil grinds higher past $80.00 as NFP, recession concerns jostle with OPEC+ surprise FXStreet
- Crude Prices Modestly Lower on Dollar Strength and Economic Concerns Barchart
- Oil Updates — Crude prices fall; Shell sees stronger LNG volumes in Q1 Arab News
- Oil set for third weekly gain on OPEC+ cut, inventory declines Gulf News
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