OPEC+ is considering cutting oil supply further at its upcoming meeting, according to three sources. Meanwhile, data from CME suggests that there is a greater than 53% chance of this happening. The recent conflict between Israel and Palestine is not expected to have a short-term impact on oil supply, but the lack of investment in the industry remains a medium-term concern. Keep an eye on the progress of the conflict, changes to OPEC+ production, and the attitude of the US Federal Reserve. Short-term, expect volatility and weak demand, but there could be opportunities for recovery.
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