Oil Prices Struggle Despite OPEC+ Production Cuts and Market Shifts

Despite Saudi Arabia's announcement of a further production cut, oil prices are on course for another weekly loss due to economic concerns in Europe, China, and the United States driving bearish sentiment in markets. Traders are more concerned about oil demand than the adequacy of supply. Energy Aspects has revised its forecast for oil prices, slashing them by $15 for the second half of the year. The consultancy cited higher interest rates, the inclusion of a U.S. crude into the Brent basket, and the supply differences in sour and sweet crudes as reasons for the revision.