Has oil prices found its peak?
Brent is now closing in on the $77.00 handle, and WTI is currently down by 1.85% on the day falling to a low of $69.40.
It's been a terrible day for oil as Saudi and Russian officials have basically confirmed that we will be seeing an easing of supply cuts in next month's OPEC meeting in Vienna. With OPEC+ producers set to allow more production to flood back into the market, the geopolitical tensions from the Middle East along with the impact from Venezuela and Iran may not be as magnified as what we have seen to start the year.
Not to mention that we still have the continued buildup in inventories in the US and increase in drilling too. That's making for a more bearish outlook heading into the second half of the year.
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