Oil futures traded marginally lower early Tuesday as expectations for a slowing global economy continued to offset the impact of the latest round of...
Oil futures traded marginally lower early Tuesday as expectations for a slowing global economy continued to offset the impact of the latest round of production cuts announced by members of OPEC+.
Price actionMarket drivers Members of OPEC+ helped boost oil prices sharply last week when they announced plans to cut production by 1.16 million barrels per day beginning in May through the end of 2023. The cut followed another major cut announced in October. However,... Oil futures traded marginally lower early Tuesday as expectations for a slowing global economy continued to offset the impact of the latest round of production cuts announced by members of OPEC+.
Price action Market drivers Members of OPEC+ helped boost oil prices sharply last week when they announced plans to cut production by 1.16 million barrels per day beginning in May through the end of 2023. The cut followed another major cut announced in October. However, some market analysts believe traders are interpreting the cuts as a sign that oil producers see a slowdown in global economic growth ahead, which is why the initial bump in prices has started to fade, said Stephen Innes, managing partner at SPI Asset Management, in emailed commentary.
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