The extension of the supply cuts from OPEC+ have overcome concerns about global oil demand and to push price of Brent crude above $90 for the first time since November 2022.
"While the supply cuts by OPEC+ are resulting in demand outstripping supply and establishing a price floor of around $80.00 for Brent crude, the supply cuts…
John Paisie of Stratas Advisors suggests that oil demand will overtake supply during Q3 and Q4, but at the same time, the market will remain concerned about challenges facing the U.S., China and the EU.