minister Alexander Novak said further cuts from OPEC+ were unlikely following more than one-million barrels per day of voluntary cuts that took effect at the start of May.
Meanwhile, analysts at TD Securities explained that´´Saudi Arabia's warning shot to short sellers managed to squeeze CTA trend follower shorts, but only for a single trading session. WTI crude and Brent crude prices are now catching up with the ongoing deterioration in commodity demand trends, after a large-scale short covering program from algorithmic trend followers provided a sufficiently large offset for prices to buck the trend.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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