“The OPEC+ impasse has taken the wind out of oil bulls’ sails this week…This widening supply and demand gap puts the oil market at risk of over-tightening and should give the OPEC+ leadership ample motivation to resolve their squabble…Or so you would think.”
–Stephen Brennock, an analyst at PVM Oil Associates Ltd., in comments to Bloomberg. Crude is down 2.1% for the week “and the main focus for traders in coming days will be whether the the Organization of Petroleum Exporting Countries and its partners can repairs its split.” [Bloomberg]
