Oil Traders Challenge Saudi Arabia's Dominance in Market.

Despite Saudi Arabia's pledge to cut oil production to the lowest in over a decade, oil traders are becoming less responsive, with Brent futures remaining almost exactly where they were a week earlier. The bears' confidence is fueled by booming Russian shipments and concerns about China's economy, which has been the bedrock of demand growth. Additionally, global demand is less rosy, with manufacturing in contraction worldwide for each of the last nine months. However, some investors remain hopeful of meaningful market tightening in the second half of the year, as OPEC+ moves may boost buying of cargoes in other markets and tighten them up.