OPEC's Cuts and Surprises Impact Oil Prices.

OPEC+ announced a total of 1.16 million bpd of fresh production cuts, catching the market by surprise and causing a surge in oil prices. The move was aimed at supporting the stability of the oil market and punishing short sellers. Hedge funds and other money managers were forced back on the buy side, with the biggest buying spree of WTI and Brent crude oil futures since December 2016. However, the market could be at risk of a correction, considering the fact that oil has traded within a very tight range and there hasn’t been follow-through buying since the April 3 surge in prices.