Oil has recovered from its early June pullback to test seven-week highs
Oil has recovered from its early June pullback to test seven-week highs: Sevens Report Co-Editor, Tyler Richey, Quoted in Morningstar
Oil prices settle at highest since April on brighter demand prospects
Oil has recovered from its early June pullback to test seven-week highs on “price-supportive rhetoric” from the Organization of the Petroleum Exporting Countries and its allies, said Tyler Richey, co-editor at Sevens Report Research.
The initial “knee-jerk selloff” reaction to the June 2 decision by OPEC+ to phase out voluntary oil-production cuts after the third quarter was “largely reversed and seen as overdone,” Richey told MarketWatch. OPEC+ leadership “confirmed that they will remain flexible and only reduce their voluntary output cuts if market conditions warranted, and clarified increasing production is not necessarily a base-case expectation right now,” he said.
“Evidence of strong domestic demand at the start of the U.S. summer driving season, rising geopolitical tensions overseas and renewed hopes for a perfectly executed [economic] soft landing” by the Federal Reserve have also contributed to oil’s price rebound, Richey said.
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