Oil Prices Regain Stability As Traders Assess New Market Fundamentals

Crude oil prices started the week steady, with Brent crude trading close to $85 per barrel and West Texas Intermediate at close to $80.50 per barrel as supply constraints came into focus. The calmer start of the week follows last week’s 7% spike in prices - most of which took place on Monday - after OPEC+ announced additional production cuts that would bring the total curbs to 3.6 million bpd. Currently, according to Bloomberg, traders are busy assessing the impact of the announcement on global oil supply. These may become a bit clearer later…