Assessing the Stability of Oil Prices Amid Supply Challenges and Growth Concerns.
TL;DR Summary
Oil prices have stabilized after last week's surge, with Brent crude trading close to $85 per barrel and West Texas Intermediate at close to $80.50 per barrel. The OPEC+ announcement of additional production cuts has driven out short sellers, allowing oil prices to better reflect fundamentals. Traders are assessing the impact of the announcement on global oil supply, and the March CPI report will be closely watched this week. Additional constraints on supply come from Iraq, where shipments of crude from Kurdistan have yet to restart.
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