The oil markets are increasingly putting their trust into OPEC+ production cuts to remain in place throughout this year, a feat which combined with an improving macroeconomic outlook could bring $90 per barrel sooner than assumed
After posting losses in the previous two sessions, oil futures recovered and closed higher on Thursday, lifted by likely drop in supply levels due to OPEC+ production cuts and continued attacks by Ukraine on Russian oil facilities.
Oil prices moved higher on Monday amid concerns about supply disruptions after Ukraine continued to attack Russian refineries, and Moscow's directive to cut outputs to be in line with OPEC+ targets.
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