Posted 2/26/2024, 1:44:00 AM
Oil Prices Slide as Traders Assess Demand Outlook Despite OPEC+ Cuts
- Oil prices dropped over 2% last week and continued falling on Monday as traders look for signals on market balance and demand
- Prices have traded in a narrow $3/barrel band recently despite Middle East tensions and OPEC+ cuts
- OPEC+ expected to extend output cuts through Q2 2024 and gradually phase them out starting in Q3
- Positive signs like China travel boom during Lunar New Year lifted hopes for sustained demand recovery
- Minor supply disruption in Libya with Wafa oil field halting 50,000 bpd due to protests on Sunday