Oil Prices Slip, But the Market’s Eyeing the Big Players
On Monday, the oil market threw a slight tantrum. Prices dipped a smidge over concerns about supply, then leaped back up for a quick bump—only to wobble 0.2% lower again at the day’s close.
Key Numbers
- West Texas Intermediate (WTI): Fell by $64.20 at 9 am, rebounding to finish 0.2% below the opening.
- Brent Crude: Tumbled 0.2%, trading around $66.33.
The OPEC+ Drama
Investors are keeping a hawk’s eye on OPEC+ as the group haggles over output cuts and tries to stave off a market frenzy.
According to Morgan Stanley analysts, any production boost from OPEC+ hasn’t yet punched through into the actual supply curve.
- Martijn Rats and his crew noted on Monday—via a Bloomberg report—“The one‑million‑barrel‑a‑day lift in quotas from March to June is still an abstract idea. The real output jump is hard to sniff out.”
- They added that Saudi Arabia hasn’t been playing the “pump” game very loudly.
- The U.S. and China are also stirring the pot with trade talks, which adds an extra layer of suspense.
It’s a bit like a group of pirates arguing over treasure while a storm brews offshore. For now, the oil scene feels more “cautiously optimistic” than “logically predictable.”
