Cautious Optimism Keeps Oil Over $60

Brent remained at over US$60 a barrel today, with WTI a bit over US$54 a barrel, but prices have begun to drag because of the prospect of further increases in U.S. shale production. Reuters quoted analysts as saying that the dominant factor driving market sentiment right now is OPEC’s determination to stick to the production cuts it agreed with Russia and 10 other producers last year. One analyst even cautioned that “The fear of oversupply could easily turn to a fear of undersupply if inventories keep declining like they have been and…

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