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Brent slips back towards $83 as oil markets look though OPEC+ cuts
Despite all the concerns in recent months regarding oil supply from the Middle East, the crisis in Gaza and the disruptive attacks on shipping by the Houthi rebels does not appear to really had much of an impact. The move recent move by OPEC+ to maintain output cuts for at least another 3 months does also beg a question, when placed alongside so much of the rhetoric from them. That is to say that OPEC see oil demand increasing this year. Well, if that is the case and supply is being disrupted (doubtful), then why are OPEC continuing to constrain supply? Yes, you know the answer to that folks. They just want to get prices higher as usual. However, and more immediately, oil prices are now slipping to session lows, as I write this update. Maybe the oil markets are looking through all the usual verbiage from OPEC? Brent for May delivery is currently trading at $83.02
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